mflah87, In my experience a head gasket will get progressively worse until the problem is obvious with severe coolant overpressurization, coolant loss etc. so hopefully it could be something less serious and here's a few comments and suggestions in no specific order...
An infra-red heat gun is great for checking for hot spots confirming overheat condition (when the warning is operating shoot the heat soaked metal around the sensor) and they are very affordable now. You can pin point surface temperatures in the upper and lower tank and thermostat housing very easily. There should be a distinct difference in temp between the coolant going in and the coolant being recirculated back into the engine at the bottom hose - Cat can tell you what the differential should be. Check the routing of the heater hoses and bypasses to ensure that they are routed and connected properly.
Is the overheating related to local ambient temperature - overheats in Summer, Ok in Winter?
Does it overheat when under heavier load cycles, heavy digging and baling etc or just under normal load?
How fast does it cool down when overheat occurs by removing the load and running at fast idle?
Does the hydraulic system get hot as well - the hyd pump inlet oil temperature should be around 55 to 60 degrees celsius when checked with the heat gun.
If you can elaborate more on the history of the machine, which type of 320 is it, is it modified in any way, how many hours, exactly when it started and hours today.
In the past I've known a couple of machines that will mysteriously run cool or overheat, on excavators, airflow is critical, hopefully the fan is the right one and is facing the right way - pushing or pulling as designed. There are rubber and foam strips that will control airflow to move the air to the right places, some will be attached to the hood maybe and can fall off - overlook none of them because they can cause trouble.
Hopefully coolant is no more than 50% glycol, don't overlook this as too high a concentration can result in overheating.
Another rogue for engines heating up is fuel timing, hopefully your dealer will have spill timed the engine to ensure its set up properly.
Hydraulic pump settings will cause problems too. Over relief or in compound operations, the engine will lug down (droop) to a specified speed, Cat should have checked this to ensure that the hydraulic system is absorbing as much as the HP and torque as the engine is designed to produce in that excavator. If the engine pulls down towards stall, it may be trying to overload the engine.
Try and let us know more and you may trigger a cause of failure or maybe someone here really does know a thing or two about Cat's