Objective is the point of view that is most like a video camera recording events.
In obejctive point of view, it contains no interpretation or access to the thoughts or feelings of others present. This POV only reports what is seen or heard, and allows the spectator to form their own opinions.
Gloat in the sentence means to brag. Basically, the third selection. "To make fun of someone."
Hopefully this helps :)
