Gold technical analysis: Indecisive market, focus on today's close

• Gold created a candle with long upper wicks on Wednesday, signaling indecision in the market. 
• The next move depends on the follow-through – today's close is pivotal. 

Gold is currently trading at $1,480 per Oz, representing 0.21% drop on the day. 

On Wednesday, the yellow metal witnessed two-way business before ending the day with moderate losses at $1,494. 

The long wicks attached to Wednesday's candle represent indecision in the market place. Also, Gold remains trapped in a sideways channel, as seen in the 4-hour chart. 

The focus, therefore, is on today's close. Acceptance below $1,483 would imply a continuation of the sell-off from recent highs above $1,550 and could yield a drop to $1,450. 

That bearish case, however, would weaken if the 50-day moving average, currently lined up near $1,482 proves a tough nut to crack. 

On the other hand, a close above Wednesday's high of $1,511 would imply bullish reversal and could invite stronger buying pressure, possibly leading to a retest of $1,530.

Daily chart

Trend: Bearish

Pivot points