I know this is so last week but you have to admire how quickly Gold broke down. The chart reveals that it broke through its 50 DMA within in two trading sessions and could even head lower from here. A lot of people think the top in Gold has happened and I probably agree with them for now.
The subprime mess isn't over yet, I'm waiting for the other "shoe" to drop in the banking industry. In other words I'm expecting one more bank to fail or require emergency Fed funding to keep operating. Which bank? I'm guessing here but I think it might be Merrill Lynch. This is just a hunch and I have no knowledge of its current financial status.
Any more volatility related to subprime or banks failing and you'll see Gold over $1000/oz again!