Gold bears say charts point down toward a 3-year low

Spot gold's sharp tumble on Wednesday sent a bearish signal to many technical analysts, suggesting that the precious metal may slide further toward three-year lows.

Although gold was up for the week, the bears pointed to bullion's 2.65 percent slide on Wednesday off of an exact double top at its one-month high.

They said this indicated that impetus to push above the USD 1,347.69 per ounce high had run out. Despite the bearish consensus, at least one analyst held out hope that gold could rebound to the highs of early this year around USD 1,700 an ounce.

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