GLD rebounded from the 50% Fibonacci Retracement level and currently facing 38.2% Fibonacci Retracement level. This Fibo level also coincides with the previous support turned resistance at about 120.

Looking at one year chart pattern, GLD is expected to trade between the range from 117 to 124 until there is a breakout to either both side.

As GLD is trading sideway, I am looking at Iron Condor (Option trading) as a trading strategy.