Though the technical picture is a bit jumbled on its long-term monthly chart, I still see a major downtrend in gold. The nearby futures contract posted a new 4-month low during November 2020, confirming the bearish crossover by monthly stochastics above the overbought level of 80% at the conclusion of August 2020. With those same stochastics still above the oversold level of 20%, gold could fall back to its March 2021 low of $1,673.70. Note this was also a test of the initial downside target of $1,674.60, the 38.2% retracement level of the previous uptrend from $1,046.20 (December 2015) through the high of $2,063.00 (August 2020). This leaves the door open for a possible move to $1,554.60.