Gold has been in a recent downtrend since its peak in the beginning of October at $1795 level. While there is a huge amount of demand for Gold it would appear recently to have softened. Without a major crisis demand seems to be waning and the selling continues. With the recent retracement of the low and this "gravestone doji" like candle and a sell off the selling has resumed and $1640 will be revisited soon.
See the chart and more atGold reinitiates its downtrend