If you want a good read on recent "$gold panic sell off"...."search" ZEAL Speculation & investment.
Excellant description of the "mechanics" of GOLD's panic drop.
Also.... Very possible SPX rebounds sometime soon....even back to the mid to high 1570 level. If it then fails to hit new highs and consolodates again into a "trading range" (1540-1575).....I think you will be seeing the "formation" of a "right shoulder" of a 2-3 month "head and shoulder TOP". The eventual confirmation that this H&S top is real....will be what I view presently as a strong downside break through the 1535 support area.
H&S TOPS can be viewed as being "only probable"....but are NOT CONFIRMED until right shoulder support is broken.