Looks like GLD has been beaten pretty badly in the last two years. Since peaking in September 2011, it has languished in a range.
I present a weekly and daily chart that offer an opportunity to the upside in GLD at least in the short term. Long term, I don't know but I would guess that it looks good for GLD regardless of where the market goes. This is because it should spike as an inflation hedge or as a safe haven during a crash.
In the weekly view, we see the stochastic oversold and curling up and the price coming up against what has been a good support these past two years. So, from a weekly perspective, I would imagine GLD bugs taking a stand here.
The situation is similar on the daily front. Lot of selling the past few months and what looks like a 5 wave down (or a double zigzag, take your pick). Regardless, the stochastic are oversold again and the price is at support (same as the weekly). I will buy on Monday. It will be good luck if we spike down on Monday to allow me to pick up cheaper. Typically, you find a reversal for 1-2 weeks at this point in the chart (could be a correction to the upside or a trend change). With options next week and the week after that in GLD, this would be a good call buying opportunity IMHO.