Gold's recent decline has created a chart pattern known as a "death cross," which frequently has bearish implications. But not everyone is convinced of the indicator's relevance this time.

The death cross is created when gold's 50-day moving average crosses below its 200-day moving average.

August gold futures traded at $1,244.60 an ounce around midday Wednesday, after hitting a five-month low of $1,240.20 Tuesday.

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As for the death cross, "it does sound terrible," Ari Wald, head of technical analysis at Oppenheimer & Co., tells CNBC and Yahoo's Talking Numbers. But, "the thing with the death cross is that it's a very late signal, for one. Two, it doesn't work very well in these sideways ranges."

From late April until last week, spot gold traded around $1,300.

To be sure, Wald still sees gold dropping further — likely to at least $1,200. "The destruction we saw last year in the first half needs a lot more time to stabilize," he notes. "You can see gold's 200-day moving average is really just starting to move sideways."

Gold plunged 28 percent in 2013, its largest drop in 32 years.

Money manager Barry Ritholtz also is bearish on gold, based on the fundamentals. "All of the factors that led to the huge rally in gold from 2001 to 2011 are no longer present," he writes in his Bloomberg View column.

"The year isn't yet half over, and gold still could stage a comeback. But with each passing day, it looks more and more like the bull market in gold that began more than a decade ago is over."

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