After breaking through a key level, gold won't rise to previous levels for a long time, said Dan Fitzpatrick, president of StockMarketMentor.com.
"I guess this is the correction that everyone has been talking about for the next 2 to 3 months. I think there has been some damage done in the charts, no question about it," he said on "Squawk on the Street" Wednesday.
"Nothing has changed fundamentally—we've still got the same issues," he said. "There is no place to go but equities."
"I think gold is broken," Fitzpatrick said. "It peaked about a year and a half ago, and since that time gold has consistently bounced off $1,500, but it has been getting weaker and weaker," he added. "The buyers have been in there but they have been weak."
Breaking the $1,500 mark was a turning point for gold, he said, and the charts suggest that "you're not going to see that come back up for a long, long time, because there's just too much supply."
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"There have been so many reasons, and there remain so many reasons to be in gold," Fitzpatrick said, noting currency debasement and the fear of inflation. "But the chart is telling you that none of that is happening. Because of that, you're going to see people just flying out of gold. There's just no reason to be in it. Traders are scaling out of gold and getting into equities."
On oil, Fitzpatrick sees the consolidation of an up-trend for the past two years, leading to lower highs and higher lows in the commodity.
"With oil at about $88, support is down at about $85. You're expecting the unexpected if you expect oil to continue to go down," he said. "I think you've got to wait. I would buy oil if it came down to $85—absolutely."