Friday was one of the worst percentage days of the year for gold and its decline saw it violate some key technical levels.
"Gold is in trouble," warns Todd Gordon, founder of TradingAnalysis.com. "Gold has broken down pretty significantly."
In particular, Gordon is worried that Friday's price action is part of a much bigger retracement that began four years ago. "Technically speaking, we need to look at the rally that we've seen in gold since around 2001," he said, noting that bullion went from a low of $255 per ounce that year to more than $1,900 per ounce 10 years later.
"A very typical, normal pullback would be about the 50 percent retracement," said Gordon, a CNBC contributor. That puts Gordon's target at about $700 an ounce, coinciding with gold's 2008 bottom.
"We have significantly lower to go," he said.
Fundamentally, Bob Iaccino, chief market strategist at Tethys Partners, sees no reason to own gold.
"Gold longs are in a bit of a pickle," he said. While physical purchases in China and India continue, Iaccino expects to see purchases by gold-backed funds decline. "They probably have covered some of those positions in this particular move down."
Given the recent strength of the dollar the fact that central banks around the world are debasing their currencies, Iaccino sees no hurry to buy bullion.
"Fundamentally, gold is weak," he said.