A look at GLD shows a multi-year uptrend that destabilized into a consolidation pattern in December 2011. From 2011 until April 2013 price was contained between $150-$175.
Then on April 12th all heck breaks loose as the lower support of the range at $150 is breached, precipitating the current downtrend, and plenty of volatility.
According to these technicals, goldbugs need to step aside. Since April the best position in gold has been to be short.