Gold bugs simply can't catch a break.
After starting 2015 with a bang, bullion made a new year-to-date low this week as Fed Chair Janet Yellen reiterated plans to raise interest rates later this year. The precious metal is now more than 12 percent from its January high, and according to one technical analyst, it could be on the "cusp of a major breakdown."
By Gordon's chart work, gold has broken through a key trendline that's been in place since 2001.
"If you look at the long-term uptrend from the low in 2000, you notice that it's broken and we are starting to move below support toward that 200-week moving average which comes in at $805," said Gordon.
With that crucial level now having been violated, Gordon predicts that gold should find a floor around its pre-crisis highs, which also corresponds to its high back in the early 1980s.