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Gold created a bearish outside reversal (engulfing) candle yesterday, as the bull failure to capitalize on the break above the key resistance at $1,315 was followed by a drop to $1,305.  

Validating that bearish candlestick pattern is the bear flag breakdown on the 15-minute chart, which could yield a drop to $1,294 – target as per the measured move method, that is, the length of the preceding bearish move subtracted from the breakdown price.  

Daily chart

Hourly chart

Trend: bearish