Gold's technical collapse over the last few days has been extraordinary. Prices have moved through key support -- a long-term trend line -- and are now right about the 50 week EMA. Also note that the MACD has dropped as well, showing a complete lack of momentum.
The 6-month chart shows prices have moved through technical support, and have rebounded, hitting resistance at the 200 day EMA. The CMF shows a move out GLD and the MACD shows declining momentum.
I've boxed off the sharp drop in GLD prices on the 5-minute chart. Prices at first gapped lower by a wide margin, consolidated sideways, and then continued to move lower. For the last three days, prices have moved a bit higher, but not in a strong rally; instead, prices have simply gapped a bit higher and then held on.
