Gold closed sharply lower due to profit taking on Wednesday as it extended the decline off last week's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signalling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing would confirm that a short-term top has been posted. If it renews this year's rally into uncharted territory, upside targets are hard to project.