Nothing fundamentally has changed for Gold, it is in a downtrend and many people that own Gold just tune out and not pay too much attention to the market. Gold closed down 31 to 1315 and is currently down a little more in afterhour another 3 to 1312. The market has a way of shaking people out of their positions at times like these, especially when some bought in last August near these prices. This is where TRADING is a handy tool.
I wrote an entry a few weeks ago on a possible investment allocation in the PM markets. A longterm physical Gold/Silver position in Coins and Bars, long/medium term position in miners, and a percentage for swing trading miners.
It is my guess that many institutions and hedge funds are short Gold and Silver and have made quite a bit of money. They still have long positions in this multiyear bull market and they know it is most likely going to head higher this year and beyond. They also know that nothing continues to go up, up and away. What investment does? You can't name one. So based on that, they will short the market when the technical indicators advise to do so and book nice profits.
The market will eventually turn around, most likely in February as mentioned before. Next support areas are 1313, 1300 which is the fibonacci 50% retracement level and at the 200 day moving average of 1280.