According to our house-price indicators (see chart), America's housing market is leading the way down for the 20 countries covered.

ECONOMIST: House prices are falling just about everywhere

Adam Hewison, president and chief strategist with INO and MarketClub.com, said all of his technical chart indicators are negative on gold.

FORBES: Survey Participants See Gold Prices Rising Next Week

"That's why I advise basing one's decisions on current chart trends and their technical indicators more than anything else, " he says, and he points out that other signs trouble him about the market's health, including the economic outlook.

FORBES: Dow's Strength Spooks Chartists