Home Options GLDReports

GLD

SPDR Gold SharesClose $390.78EOD only

Max Pain

$400.00

Next expiry Jun 10, 2026

Expected Move

±$5.22

1.3% from close

Price Gap

+9.22

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.60

Slightly call-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: Jun 9, 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 9, 2026 close

GLD Directional Report

Analysis based on market close June 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias driven by negative flow, short gamma positioning, and spot below max pain. Near-term downside to $383.98 support, with risk of acceleration to $360 gamma flip if broken. Upside capped by $400 max pain and dealer hedging. Event risk around June OPEX.

Confidence:

7.5 / 10

Base 5 from regime; +2 from GEX/flow alignment; +0.5 from VIX around 20.

Supports: Bearish flow, negative GEX, spot below max pain, key support at $383.98.
Conflicts: Positive DEX (+99.6M shares) suggests dealer long delta; max pain $400 above spot could attract price toward it; gamma flip at $360 provides downside floor.

📉Bearish Flow: Net premium negative, put OI concentrated at $360 (7.9% below).

⚡Short Gamma: GEX -$121M; dealers may need to hedge on moves.

🎯Max Pain $400: Spot below, typical pinning may pull price up.

🛡️Support Cluster: $383.98-385.55 zone; break opens $360.

Regime Classification

Vol Regime

Normal

IV ~20, in line with VIX; Normal vol environment.

Gamma Regime

Trending

GEX -$121M; short gamma (dealers short options), dampening moves but risk of flip at $360.

Flow Regime

Bearish

Bearish flow with net premium negative; put OI concentration at $360 suggests hedging demand.

Spot vs Max Pain

Below

Spot trading below max pain ($400) and near support; bearish bias.

Thesis duration: Event-specific — Max pain pinning and dealer short gamma create event-driven dynamics around June OPEX; negative flow and below-MP position suggest downside risk near-term.

Price Range Forecast

Next 2 days

$385.55$396.00

Testing support at $385.55; break could accelerate.

Next 1 week

$381.00$400.55

Max pain $405 provides resistance; dealer hedging may cap rallies.

Next 2 weeks

$383.98$397.58

Gamma flip at $360 offers downside floor; OPEX pinning may lift price toward $400.

Key Levels

Max pain pins: $400 (2026-06-10); $405 (2026-06-12); $402 (2026-06-15)

EM guardrails: 2d $385.55/$396.00; 1w $381.00/$400.55

Support: $383.98 · $360.00

Resistance: $397.58 · $400.00 · $425.00

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 102,022 (7.9% below spot)

Structural: 2d guardrails $385.55/$396.00; 1w $381.00/$400.55; support $383.98 (cluster) and $360 (gamma flip); resistance $397.58 (HVL) and $400 (max pain).

Dealer Positioning (GEX/DEX)

GEX: $-121.1M

DEX: +99.6M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 102,022 (7.9% below spot))

NTM gamma: GEX -$121M (short gamma), DEX +99.6M shares (long delta). Gamma flip at $360 (7.9% below spot) based on put OI.

IV Analysis

IV vs VIX: GLD IV near VIX level (~20); not rich/cheap versus realized vol (not provided).

Term structure: Not available; typical contango for ETFs.

Skew: Put skew elevated; consider put spreads for defined-risk bearish exposure.

Flow Analysis

Net premium: Net premium -$308M net credit, P/C vol 1.24, OI 0.60; put buying despite net credit.

Directional prints: 30.3 put 345 OTM 2026-07-17 — Vol/OI 12.9, aggressive new put buying; bearish. 33.8 put 330 OTM 2026-07-17 — Vol/OI 9.0, similar put buying; bearish.

Unusual: 25.7 call 405 OTM 2026-08-21 — Vol/OI 16.1 highest, deep OTM call; unusual. 68.4 put 325 OTM 2026-06-12 — Vol/OI 5.0, IV 68.4% high; unusual tail hedge. 37.1 put 370 OTM 2026-06-12 — Vol 3580 high at 370 strike; notable volume.

Risks & Catalysts

!Gamma flip at $360 could trigger sharp reversal if tested.

!Max pain pinning above spot may push price higher toward $400.

!VIX spike could expand IV and disrupt hedging flows.

!Positive DEX suggests dealer long delta, supportive if spot rallies.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-02 $385.00/$375.00 put spread Why now: High put volume and negative gex near 390 suggest dealer hedging; 385 put offers defined risk.	Time decay if spot rallies; spread loses value above 390.
Long put	Moderate	Buy 2026-06-26 $385.00 put Why now: Negative flow and short gamma favor put buying; 385 put has high gamma.	Time decay if spot holds above 390; vol contraction.
Call credit spread	Moderate-Weak	Sell 2026-06-26 $397.50/$400.00 call spread Why now: Max pain at 400 and negative net gex at high strikes limit upside.	Loss if spot breaks above 400; short gamma near expiry.
Bearish risk reversal	Conditional	Buy 2026-07-02 $385.00 put / sell 2026-07-02 $405.00 call Why now: Bearish flow and put buying; risk reversal yields net credit.	Sharp rally above 399 can cause loss; requires active management.

Top Plays

Bear Put Spread

Buy 2026-07-02 $385.00/$375.00 put spread

Buy 385/375 put spread profits from downside below 385, limited loss.

Why this play: Best defined-risk play on bearish thesis with high liquidity and dealer hedging near 385.

Debit: $2.45-$3.00

Max loss: $3.00

BE: $382.00

Mgmt: Exit by 2026-07-02 or if spot invalidates above 397.58.

Traders seeking defined-risk bearish exposure.

Long Put

Buy 2026-06-26 $385.00 put

Buy 385 put for leveraged downside move.

Why this play: High gamma and negative flow favor pure put buying for max leverage.

Debit: $5.15-$6.30

Max loss: $6.30

BE: $378.70

Mgmt: Close at 50% profit or approaching expiration.

Aggressive traders comfortable with time decay.

Call Credit Spread

Sell 2026-06-26 $397.50/$400.00 call spread

Sell 397.5/400 call spread to collect premium on capped upside.

Why this play: Low-risk bearish play capitalizing on max pain capping upside.

Credit: $0.86-$1.05

Max loss: $1.45

BE: $398.55

Mgmt: Let decay; defend if spot breaches 397.58.

Income-oriented bearish view.

Watchlist Triggers

Entry Triggers

IFSpot breaks below $383.98 support → Buy 385/375 put spread for $2.45-$3.00

IFSpot tests $383.98 support with weakness → Buy 385 put for $5.15-$6.30

IFSpot rallies to $397.58 resistance or above → Sell 397.5/400 call spread for $0.86-$1.05

Exit Triggers

EXITSpot closes above $397.58 → Exit all bearish positions

Tactical Summary

Bearish bias: spot below $400 max pain, negative flow, short gamma. Key support $383.98, gamma flip $360. Resistance $397.58 and $400. Favor defined-risk bearish plays. Monitor OPEX and VIX for hedging shifts.

How to Use These Reports

This directional reflects the market close on June 9, 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.