Currently, GLD is in an consolidation channel. I believe it will remain in this channel as the SPY continues to test the all-time highs.
My plan is to set a limit order for 117.80 with a stop at 115.91. I believe that the SPY has some more room to rally which will get us triggered into this trade as GLD pulls back.
The SPY is also in a channel and has been sprinting in the opposite direction whenever it hits support or resistance of that channel. That fact + the fact that GLD is consolidating = confidence to believe GLD blows past resistance and hits the target for a gain of 6:1.
****For a a safer and less aggressive trade you can move your stop down to 114.77. This would provide more relief from an SPY rally and possible prevent the trade from being stopped out if SPY has a false break out above the all time high.