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Gold : Down a little, Might Continue to Decline if Breaks Support at 1305.31

(XAUUSD : 4 Hour Chart)

Gold was trading higher above 1300 because of the tensions in Iraq but now moving down a little. On the 4 hour chart, the pair seems like consolidating within a descending triangle showing that the commodity will continue to follow the downtrend by breaking the support at 1309.74. Although the 50 day SMA is signaling that Gold will continue to follow uptrend by breaking the resistance trend line of the triangle. Although the gain seems limited as on the stochastic oscillator Gold is trading in the overbought zone. 

(XAUUSD : Daily Chart)

Looking in the broader time frame that is daily chart, the 100 day SMA crossed above 50 day SMA and 200 day SMA. Currently there is no signal that the commodity is going to follow a particular trend on the daily chart but 1305.31 seems like a key support which was earlier acting as resistance. Breaking below this support might bring some more losses to Gold.