Gold candle pattern hints at downturn ahead

Gold prices produced a bearish Dark Cloud Cover candlestick pattern at downtrend resistance set from August 2020, hinting that a reversal may be ahead. Breaking below initial support anchored at 1750.78 may set the stage for downward extension toward 1717.89. The major bottom at 1676.91 comes into play thereafter.

Neutralizing the bearish bias seems to demand a daily close above the upper bound of the four-month range top at 1834.14. If prices attempt a push higher toward this barrier, minor resistance at 1808.16 may offer some friction along the way.