Gold Technical Analysis: Downside favored on bearish outside reversal and bear flag

Gold created a bearish outside reversal (engulfing) candle yesterday, as the bull failure to capitalize on the break above the key resistance at $1,315 was followed by a drop to $1,305. 

Validating that bearish candlestick pattern is the bear flag breakdown on the 15-minute chart, which could yield a drop to $1,294 - target as per the measured move method, that is, the length of the preceding bearish move subtracted from the breakdown price. 

Daily chart

Hourly chart

Trend: bearish