While I don't know that I'd trade GLD long (that's pretty aggressive, most likely a day trade or close to it and very volatile), I do think that it makes sense to be out of GLD puts right now and to set some price alerts on the upside looking for a new entry for new GLD short term trading positions, whether those be leveraged shorts/inverse ETFs (poor liquidity most of the time) or GLD puts.
GLD does look like it's getting ready for a bounce and that would make sense on a market pullback (this is the same one we have been talking about this morning only and likely still within the range created this week.
The 2 min chart is not a strong signal as timeframes go, but it is a leading positive signal and it has the tell-tale flat trading range where we see accumulation and distribution most often.
Again, I would not consider gold for a long position here, but I would take profits in GLD shorts/Puts and look for a new short/put entry in GLD on any price strength if we are to get it (I believe it would be very short term as in a day).
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