I'll be the first to admit I'm not much for technical analysis, but my opinion is that GLD is consolidating. Add to that the fact that I think the implied volatility is pretty low, at least for the short term, so take a look at buying a GLD strangle. Not the ITM kind; buy perhaps the Aug5 (fifth week of August, for those whose brokers name the weekly expirations differently) 125-132 strangle. Today it closed around $3.20. Might be a decent play.

Strangle closed out for a wash. Try again next time.