GLD has been caught in a tight range for nearly a year. I suspect it could make an explosive move higher or lower soon. For now I will play a strangle until the direction is determined.
I want to have until at least September to sell. The “conservative” option play would be to go out 3 months after you plan to sell it so you aren’t at great risk of losing all of your position as the time decay hits you the hardest the closest to expiration.

Once the breakout has made itself clear, I may add to the side it’s moving in. I will add calls if it breaks out to the upside, puts if it breaks to the downside.

8/8 update: BOT September strangle. Candlestick showing double inside bar on weekly chart and triangle/falling wedge for price pattern. Neither are confirmed in either direction yet. That should bring clarity of direction very shortly. I suspect by 8/10 or 8/17 (week end for confirmation on weekly chart) we will get clarity.