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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 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral-leaning bearish; negative dealer gamma and spot below max pain suggest downside risk, but safe-haven demand and VIX elevation offer counter-support. Consolidation within 2d range likely.

Confidence:

7 / 10

Base 5; GEX/flow strongly aligned (+2); spot 3.4% from MP (-0.5); VIX 22 (+0.5). Total 7.

Supports: Gold safe-haven; VIX elevated; dealer long delta (+100.5M shares).
Conflicts: Negative dealer gamma; spot below max pain; mixed flow; normal volatility.

⚠️Negative GEX -$61.1M amplifies directional moves

⬇️Spot 3.4% below max pain $410, bearish pin pressure

🛡️VIX at 22 and safe-haven demand support bids

➡️Dealer long delta cushions, but gamma flip at $360 risk

Regime Classification

Vol Regime

Normal

Vol Normal: IV in typical range despite VIX 22; gold vol less reactive.

Gamma Regime

Trending

Gamma Trending: GEX -$61.1M, short gamma; gamma flip at $360 (9.1% below spot).

Flow Regime

Mixed

Flow Mixed: Net premium inconclusive; P/C ratio balanced.

Spot vs Max Pain

Below

Spot Below: 3.4% below max pain $410; pin pressure downward.

Thesis duration: Multi-week — Normal vol and trending gamma suggest persistent but moderate movement; safe-haven dynamics and dealer positioning support multi-week view.

Price Range Forecast

Next 2 days

$392.89$399.59

Testing lower end of range; negative gamma may accelerate moves.

Next 1 week

$392.06$400.41

Mixed signals; range bound within support/resistance.

Next 2 weeks

$381.49$410.99

Potential reversal to $410 if safe-haven bid strengthens.

Key Levels

Max pain pins: $410 (2026-06-05); $411 (2026-06-08); $409 (2026-06-10)

EM guardrails: 2d $392.89/$399.59; 1w $392.06/$400.41

Support: $381.49 · $360.00

Resistance: $410.00 · $410.99 · $425.00

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,955 (9.1% below spot)

Structural: Support $381.49 (2w low), $360 (gamma flip). Resistance $410 (max pain), $410.99 (2w high), $425.

Dealer Positioning (GEX/DEX)

GEX: $-61.1M

DEX: +100.5M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 101,955 (9.1% below spot))

NTM gamma: NATM GEX -$61.1M; delta +100.5M shares; gamma flip ~$360 (put OI concentration). Short gamma amplifies directional risk.

IV Analysis

IV vs VIX: GLD IV vs VIX: gold IV likely elevated relative to VIX (21.5) given the selloff, creating slightly rich option premiums.

Term structure: Term structure: likely contango given normal volatility; event kinks near monthly expiry.

Skew: Skew: more expensive puts; opportunity: selling put spreads below $380 could profit from time decay.

Flow Analysis

Net premium: Net premium -$277M bearish (net selling), P/C vol ratio 0.56 (call-heavy) but OI ratio 0.55 similar.

Directional prints: 19.3 put 395 OTM 2026-06-08 — Vol 10,354 vs OI 164 (63x); likely bought puts, bearish bet. Preferred read: bearish. 8.4 call 400 OTM 2026-06-05 — Vol 6,501 vs OI 240 (27x); likely bought calls, bullish speculation. Preferred read: bullish. 37.4 put 365 OTM 2026-06-12 — Vol 4,581 vs OI 225 (20x); deep OTM puts bought, high IV, speculative downside. Preferred read: bearish.

Unusual: 19.3 put 395 OTM 2026-06-08 — Vol/OI 63x extremely high; aggressive put buying stands out. 13.3 call 402 OTM 2026-06-05 — Vol/OI 33x, stale OI; unusual call buying near zero premium. 25.3 put 385 OTM 2026-06-08 — Vol/OI 29x, high IV; notable put volume for downside protection.

Risks & Catalysts

!Sharp break below $381.49 support

!Gamma squeeze if spot moves toward $360

!Safe-haven bid reversal if VIX falls

!Unexpected macro event causing vol spike

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate	Sell 2026-06-12 $395.00/$390.00 put wing and $402.00/$404.00 call wing Why now: Iron condor profits from range-bound price action; near-term 42dte offers time decay with defined risk.	Range breakout beyond 390-402.5 leads to losses; gamma squeeze risk if spot moves toward 360. Substitutions: short_put: resolved contract 2025-06-06 $395.00 missing; used 2026-06-12 $395.00.; long_put: resolved contract 2025-06-06 $390.00 missing; used 2026-06-12 $390.00.; short_call: resolved contract 2025-06-06 $402.50 missing; used 2026-06-12 $402.00.; long_call: resolved contract 2025-06-06 $404.00 missing; used 2026-06-12 $404.00.
Bear put spread	Moderate-Weak	Buy 2026-06-26 $390.00/$385.00 put spread Why now: Dealer gamma negative, spot below max pain, net premium bearish flow.	Support at 381.50 holds; safe-haven bid reversal caps downside.
Long put	Moderate	Buy 2026-07-10 $385.00 put Why now: Unusual put activity at 395 strike; bearish delta and gamma.	Time decay if VIX falls; support holds limiting profit.
Call credit spread	Weak	Sell 2026-06-26 $410.00/$417.00 call spread Why now: Spot below max pain; calls are rich with elevated IV.	Upside breakout on safe-haven flows; limited loss defined. Liquidity constraints: long_call: Volume below 5.

Top Plays

Bear Put Spread

Buy 2026-06-26 $390.00/$385.00 put spread

Buy $390/$385 put spread to profit from downside move with limited risk.

Why this play: Directly exploits bearish bias from negative dealer gamma and bearish flow. Defined risk and good liquidity.

Debit: $1.30-$1.59

Max loss: $1.59

BE: $388.41

Mgmt: Exit at 50% max gain or stop loss at invalidation $410.

Traders expecting moderate downside in near term.

Long Put

Buy 2026-07-10 $385.00 put

Buy $385 put to capture potential sharp decline with unlimited upside.

Why this play: Unusual large put buying at $395 strike signals bearish sentiment. High gamma exposure.

Debit: $6.23-$7.62

Max loss: $7.62

BE: $377.38

Mgmt: Set stop loss at $410; take profits on IV crush.

Aggressive traders seeking high reward with defined risk.

Iron Condor

Sell 2026-06-12 $395.00/$390.00 put wing and $402.00/$404.00 call wing

Sell put spread and call spread around current price to collect premium.

Why this play: Thesis expects consolidation after initial dip; iron condor profits from range-bound movement with time decay.

Credit: $1.98-$2.41

Max loss: $2.59

BE: 392.59 / 404.41

Mgmt: Close at 50% max gain or adjust if price breaks wings.

Neutral outlook traders comfortable with defined risk.

Watchlist Triggers

Entry Triggers

IFif spot breaks below 390 → enter $390/$385 bear put spread

IFif spot breaks below 381.49 support → enter $385 long put

IFif spot holds between 390 and 402 → enter iron condor sell 395/390 put wing and 402/404 call wing

Exit Triggers

EXITif spot rallies above 410 → exit all bearish positions

Tactical Summary

Neutral-leaning bearish with consolidation. Use bear put spread or long put on downside breaks; iron condor if range-bound. Key resistance 410, support 381.49.

How to Use These Reports

This directional reflects the market close on June 5, 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.