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The precious metal is on track to close in the red on Thursday. However, the pace of declines is limited following the initial reaction.

Gold prices closed with modest gains on Wednesday, only to reverse those gains on Thursday.

The bearish candlestick pattern could signal a continuation to the downside. However, with the price level near 1900 holding strong for the moment, gold prices might see some consolidation.

To the upside, the 1967 region is proving hard to break. As a result, the sideways range could continue in the near term.

But giving some weight to the upside is the Stochastics which is currently reversing off the oversold levels.

Watch for gold prices to break out above 1967 for any further gains to come.

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