Technical Signs Say Gold’s Fall May Continue - Bloomberg

Technical Signs Say Gold’s Fall May Continue - Bloomberg: 10/20/11  "Gold prices, down 14 percent since touching a record in September, are poised for more losses, according to technical analysis by Steel Vine Investments LLC.
Bullion’s advance from the Sept. 26 low of $1,535 an ounce to a high of $1,696.80 on Oct. 17 created a so-called bear flag pattern where price movements resemble an inverted flag, according to Spencer Patton, the Chicago-based chief investment officer for Steel Vine.
The metal’s plunge from a record $1,923.70 on Sept. 6 to the low on Sept. 26 created the so-called flag pole. Losses in the past three sessions signal the completion of the pattern, and that prices will resume their decline, Patton said. Gold may drop to $1,550 by the first week of November, he said.
“The market has decisively broken out of this pattern,” Patton said in a telephone interview yesterday. “Gold looks weak in the near term.”"

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Note:  there are also many reasons for the long term upside for gold prices and we are long term bulls. The above is just a sampling of short term sentiment.