Gold prices have eased after a rally last weekend on Eurozone deal and spot gold prices edged down $1592.51 an ounce in early trade while US gold futures for August delivery fell marginally to $1,593.
HY Markets in a market review on Monday said that spot gold closed sharply higher due to short covering on Friday. Charts signal sideways to lower prices are possible in the near term with Shochastics and the RSI neutral to bearish.
The eurozone deal on Friday which aims to support banks and reduce borrowing costs of Italy and Spain helped create positive sentiments on a solution emerging for Eurozone debt crisis.
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