Take a look at that 16 trillion dollar national debt number ticking to the right . . . there is NO WAY the Fed can let interest rates rise, because then the government would have to actually pay interest on that debt.
Gold pushed through a technical level called the "death cross" when the 50 day moving average went below the 200 day moving average at about 1,660. That is about as reliable as Tarot Cards, but weak hands that bought gold recently would have set stop-loss orders there at and also at 1,600.
If you look at a ten year chart, gold has been going sideways for about a year. look what happened last time it went sideways for a year (2008) it then went from 800 to over 1900 in three years. I think the third big wave is coming.