Think you had a tough week? Don't go complaining to gold. The yellow metal has declined by almost 5 percent since last Wednesday's high—and RBC's top technician thinks it's about to get even worse.
"We're sticking on the bearish side for gold prices," said George Davis on Thursday's "Futures Now."
Davis, the chief technical analyst at RBC Capital Markets, thinks little of gold's 22 percent rally from the June low. "You are seeing a little bit of a corrective rally, and I think a lot of that has been driven by geopolitical risks emanating out of Syria," Davis said. "But we do think that those are going to be transitory, so the very short-term risks are going to pass."
(Read more: Gold has become a 'Humpty Dumpty' trade)
That's why Davis says it's high time to get short. "Valuations are starting to become more overbought at this juncture," he said. "I think there's a window of opportunity where you could leg into some short positions."
So what does he see on the chart that points toward lower prices?