In the next week, anyting is possible, but I predict a 10% rally or more in gld by august, and then I think we drop a lot more, but would not bet on that.
This big a drop, you have to get a reflex rally, is normal. Also, too much bearishness, leads to a rally.
Gold will rally to $2400 in the next couple years, but likely it will fall to 1200 first.