Looking at the $GLD range, potential setup or trap?

Been watching $GLD closely today, particularly around the 371-372 level. It's been pretty range-bound for a while now, and this consolidation feels significant. The intraday low of 371.03 just brushed what looks like a decent support from last week's activity. The high so far at 374.49 also hit resistance that has held multiple times.

My read is that if we can get a clean break and hold above 375, we could see a move towards 380, maybe even 385 if the momentum really picks up. The risk to that view, of course, is a break below 370. If $GLD gives up that 370 handle decisively, then the prior support turns resistance, and we could easily see a retest of 365 or lower. It's a tricky spot; could be a spring getting ready to launch, or it could just be setting up for a fall after failing to push higher. Patience is key here, waiting for confirmation on either side.