Home Options GLDReports

GLD

SPDR Gold SharesClose $411.27EOD only

Max Pain

$410.00

Next expiry Jun 5, 2026

Expected Move

±$3.89

0.9% from close

Price Gap

-1.27

Distance to max pain

IV Rank

Low premium

P/C OI

0.55

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jun 4, 2026 close

End-of-day snapshot

This page reflects GLD options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 4, 2026 close

GLD Directional Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

GLD pinned near $410 max pain with positive dealer gamma ($126.5M) providing stability. Slight bullish bias from market support but range-bound due mixed flow. Confidence base 7 (moderate bullish).

Confidence:

7 / 10

Base 5; -1 GEX/flow contradict; +1 GEX positive pinning; +1 spot 0.3% from MP; +1 VIX 15.4

Supports: Positive dealer gamma, spot at max pain, low VIX, EM guardrails 2d $407-415
Conflicts: Mixed flow, gamma flip far below at $360, near-term macro uncertainty

📌Spot pinned at $410 max pain

🛡️Positive dealer gamma adds stability

🌊Flow mixed, no strong directional push

Regime Classification

Vol Regime

Normal

Normal; GLD IV near historical median, VIX 15.4 confirms moderate environment.

Gamma Regime

Pinning

Pinning; GEX +$126.5M, strong positive gamma near $410, dampening volatility.

Flow Regime

Mixed

Mixed; no strong net premium bias, puts/calls balanced.

Spot vs Max Pain

Spot $410.70, within 0.3% of max pain $410, pinning likely.

Thesis duration: Multi-week — Pinning dynamics and positive dealer gamma suggest multi-week range-bound behavior unless external catalyst.

Price Range Forecast

Next 2 days

$407.38$415.16

Range-bound $407-415, pinning at MP

Next 1 week

$403.42$419.12

Drift toward resistance $419 due to dealer gamma

Next 2 weeks

$398.27$424.27

Potential breakout above $424 if macro supports

Key Levels

Max pain pins: $410 (2026-06-05); $410 (2026-06-08); $409 (2026-06-10)

EM guardrails: 2d $407.38/$415.16; 1w $403.42/$419.12

Support: $410.00 · $400.00 · $398.27

Resistance: $424.27 · $450.00

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,742 (12.5% below spot)

Structural: Max pain $410 (multiple expiries); EM guardrails 2d $407-415, 1w $403-419, 2w $398-424; Support $410, $400, $398; Resistance $424, $450; Gamma flip ~$360 (put OI concentration).

Dealer Positioning (GEX/DEX)

GEX: $+126.5M

DEX: +97.9M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 101,742 (12.5% below spot))

NTM gamma: GEX +$126.5M, DEX +97.9M shares, strong positive gamma in NTM near $410, pinning effect, flip far below at $360.

IV Analysis

IV vs VIX: GLD IV normal vs VIX (15.4), reflecting typical gold volatility; no relative cheapness.

Term structure: Flat to slightly contango, no major event kinks; front-month at normal levels.

Skew: Skew symmetric near MP; no clear vol arbitrage; consider calendar spreads if vol picks up.

Flow Analysis

Net premium: Net premium -$264M negative; P/C vol 0.93 (more calls by vol), OI 0.55 (call-heavy OI): put premium dominates, indicating aggressive put buying.

Directional prints: 31 put 455 ITM 2026-06-18 — Vol 1410 vs OI 133 (10.6x) fresh OTM put buying, bearish. 37.9 put 495 ITM 2026-07-17 — Vol 950 vs OI 100 (9.5x) new bearish put positions. 47.3 put 431 ITM 2026-06-05 — Vol 1168 vs OI 178 (6.6x) front-week put near spot, speculative/hedging.

Unusual: 20 call 410 ITM 2026-06-12 — Vol/OI 22.9x, extreme ITM call volume; likely bullish opening, preferred read aggressive call buying. 31 put 455 ITM 2026-06-18 — Vol/OI 10.6x, large OTM put volume; bearish directional read. 43.4 put 480 ITM 2026-06-18 — Vol 3481 vs OI 454 (7.7x), deep OTM put accumulation; bearish bet.

Risks & Catalysts

!Break above $424 resistance

!Break below $398 support

!Gamma flip at $360 if spot drops sharply

!Unexpected macro event elevating vol

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-06-26 $410.00/$409.00 put spread Why now: Put credit spread captures theta decay in range-bound settlement zone with defined risk below support.	Downside risk if GLD breaks below $402.5 support; max loss at short put strike minus credit.
Iron condor	Conditional	Sell 2026-06-26 $410.00/$409.00 put wing and $424.00/$425.00 call wing Why now: Iron condor harvests premium within defined wings, fitting neutral regime and low volatility expectations.	Breakout beyond wings (above $417.5 or below $402.5) causes max loss; high gamma in tails. Liquidity constraints: short_call: Volume below 5.
Bull call spread	Moderate-Weak	Buy 2026-06-26 $424.00/$425.00 call spread Why now: Defined-risk debit spread profits if GLD trends above short strike while limiting downside premium outlay.	Capped upside; full loss if GLD stays below long strike at expiration. Liquidity constraints: long_call: Volume below 5.
Call diagonal	Moderate	Sell 2026-06-18 $424.00 call / buy 2026-07-17 $425.00 call Why now: Exploits lower near-term vol vs. longer-dated vol; fits multi-week horizon with low expected move.	Gap move beyond short strike can cause loss; volatility expansion hurts long leg short-term.

Top Plays

Sell Put Spread near Max Pain

Sell 2026-06-26 $410.00/$409.00 put spread

Sell 410/409 put spread to collect premium near max pain, capturing time decay.

Why this play: Best fit for range-bound neutral-bullish bias with defined risk and theta decay.

Credit: $0.40-$0.49

Max loss: $0.51

BE: $409.51

Mgmt: Exit at 50% max gain or if spot breaks below 410.

Traders expecting limited downside and slow grind higher.

Call Diagonal for Vol Skew

Sell 2026-06-18 $424.00 call / buy 2026-07-17 $425.00 call

Sell near-term 424 call, buy later 425 call to benefit from vol term structure.

Why this play: Exploits lower near-term vs longer-term vol; aligns with slight bullish lean and multi-week horizon.

Debit: $4.15-$5.07

Max loss: $5.07

BE: Path-dependent

Mgmt: Roll if spot nears short strike or adjust on vol shift.

Traders expecting low realized vol and gradual uptrend.

Iron Condor in Range

Sell 2026-06-26 $410.00/$409.00 put wing and $424.00/$425.00 call wing

Sell 410/409 put wing and 424/425 call wing to profit from low volatility.

Why this play: Captures premium in defined range; though liquidity pass false, still viable for patient traders.

Credit: $0.63-$0.77

Max loss: $0.23

BE: 409.23 / 424.77

Mgmt: Close early if wings threatened; exit at 50% profit. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Traders confident in no breakout beyond 409-424.

Watchlist Triggers

Entry Triggers

IFIf GLD holds above $410 with max pain support and credit in 0.40-0.49 range → Sell 2026-06-26 $410/$409 put credit spread

IFIf GLD remains above $410 and near-term vol stabilizes, entry range 4.15-5.07 → Sell 2026-06-18 $424 call / buy 2026-07-17 $425 call diagonal

Exit Triggers

EXITIf GLD breaks below $410 invalidation level → Close put credit spread to limit loss

EXITIf GLD drops below $410 or short strike approached → Close call diagonal to manage risk

Tactical Summary

GLD range-bound near $410 max pain with positive dealer gamma. Slight bullish bias with support at $410. Top plays: put credit spread and call diagonal. Exit if $410 breaks.

How to Use These Reports

This directional reflects the market close on June 4, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.