Gold – Close below $1311 would be bearish

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
The falling top formation as shown by the three monthly candles and a retreat from the monthly high of $1352 if followed by a close today below monthly 50-MA level of $1311 would open doors for drop below $1300 levels next week.

Below $1300, a major support is seen around $1284-1260 levels.

On the higher side, only a daily close above $1350 would signal continuation of the rally from December lows.
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