Gold closed sharply lower on Wednesday and below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If it extends today's decline, the reaction low crossing is the next downside target. Closes above the reaction high crossing are needed to renew the rally off December's low.