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GLD

SPDR Gold SharesClose $384.59EOD only

Max Pain

$390.00

Next expiry Jun 24, 2026

Expected Move

±$4.96

1.3% from close

Price Gap

+5.41

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 22, 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 22, 2026 close

GLD Directional Report

Analysis based on market close June 23, 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 GEX, bearish flow, and spot below max pain. Downside risk towards $362 support with gamma flip at $360. VIX 19.5 supports elevated vol. DEX long delta may slow moves but regime favors lower prices.

Confidence:

7.5 / 10

Base 5 from regime; +2 for strong GEX/flow alignment; +0.5 for VIX 19.5. Bearish regime confirmed.

Supports: GEX -$163M; bearish flow; spot below MP; VIX 19.5.
Conflicts: DEX +83.2M shares (long delta); strong support at $360.

🐻Negative GEX -$163M amplifies downside moves.

📉Spot below $387 MP; key resistance at $387.

📊VIX 19.5 supports elevated vol environment.

Regime Classification

Vol Regime

Normal

Normal vol regime; IV elevated relative to VIX due to negative gamma and bearish flow.

Gamma Regime

Trending

Trending gamma: GEX -$163M, negative gamma attracts selling pressure. Gamma flip at ~$360.

Flow Regime

Bearish

Bearish flow: net put premium dominant; P/C ratio elevated.

Spot vs Max Pain

Below

Spot below $387 max pain (6/24), negative delta exposure for dealers, pinning towards lower levels.

Thesis duration: Multi-week — Persistent negative gamma and bearish flow with support levels extending 2 weeks; no imminent event catalyst.

Price Range Forecast

Next 2 days

$372.65$382.00

Testing 2d low $372.65; negative gamma supports move down.

Next 1 week

$368.82$385.82

Key support $368.82; resistance $385.82.

Next 2 weeks

$362.00$392.65

Downside to $362 support; gamma flip at $360.

Key Levels

Max pain pins: $387 (2026-06-24); $395 (2026-06-26); $388 (2026-06-29)

EM guardrails: 2d $372.65/$382.00; 1w $368.82/$385.82

Support: $362.00 · $360.00 · $350.00

Resistance: $387.00 · $392.65

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 101,991 (4.6% below spot)

Structural: S: 362, 360, 350; R: 387, 392.65; Gamma flip at 360. Max pain: $387 (6/24), $395 (6/26), $388 (6/29). EM guardrails: 2d $372.65/$382, 1w $368.82/$385.82.

Dealer Positioning (GEX/DEX)

GEX: $-163.0M

DEX: +83.2M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 101,991 (4.6% below spot))

NTM gamma: GEX -$163M (bearish); DEX +83.2M shares (long delta); gamma flip at ~$360.

IV Analysis

IV vs VIX: GLD IV normal vs historical but rich relative to VIX (19.5) due to bearish GEX and flow. Negative gamma amplifies vol.

Term structure: Term structure contango with event kinks at OPEX (6/24 max pain $387). Front-end elevated from downside hedging.

Skew: Put skew elevated; sell put spreads below $360 support may benefit from vol crush if spot holds.

Flow Analysis

Net premium: Net premium -$286M, put/call volume ratio 1.39, OI ratio 0.58, reflecting strong bearish flow.

Directional prints: 39.4 put 350 OTM 2026-06-26 — Vol 10072 vs OI 2789 (3.6x), IV 39.4%; active put buying for downside protection or bearish speculation.

Unusual: 20.2 call 386 OTM 2026-06-24 — Vol/OI 9.3, IV 20.2%; unusual call volume, likely sold premium given bearish flow. 23.6 put 350 OTM 2026-10-16 — Vol/OI 7.3, IV 23.6%; large put opening for Oct, bearish hedge. 18.4 call 385 OTM 2026-06-24 — Vol/OI 4.4, IV 18.4%; high relative call volume, likely sold.

Risks & Catalysts

!Sharp reversal if spot breaks back above $387 max pain.

!DEX +83M shares long delta could slow downside.

!Macro move in gold from dollar/rates shifts.

!Gamma flip at $360 if spot breaks, accelerating selloff.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-07-10 $368.00/$360.00 put spread Why now: Defined-risk bearish, gamma flip at 360, negative GEX.	Sharp reversal if spot reclaims 387 max pain. Liquidity constraints: long_put: Open interest below 25.
Long put	Moderate	Buy 2026-07-17 $375.00 put Why now: Bearish flow, net negative premium, elevated IV.	Time decay if move delayed.
Bearish risk reversal	Moderate	Buy 2026-07-17 $375.00 put / sell 2026-07-17 $390.00 call Why now: Financed by short call, IV elevated, bearish regime.	Upside cap on call side if reversal.

Top Plays

Long Put

Buy 2026-07-17 $375.00 put

Buy $375 put to profit from downside; elevated IV favors.

Why this play: Best aligns with bearish flow; highest profit potential; liquidity pass.

Debit: $6.98-$8.53

Max loss: $8.53

BE: $366.47

Mgmt: Set stop above $387; take profit at $362 support.

Aggressive bearish traders comfortable with premium outlay.

Bear Put Spread

Buy 2026-07-10 $368.00/$360.00 put spread

Buy $368/$360 put spread for downside with capped loss.

Why this play: Defined risk; targets gamma flip at $360; limited capital.

Debit: $1.44-$1.75

Max loss: $1.75

BE: $366.25

Mgmt: Exit at $360 or by expiration; no margin concerns. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk-conscious bears seeking defined risk.

Bearish Risk Reversal

Buy 2026-07-17 $375.00 put / sell 2026-07-17 $390.00 call

Buy put, sell call to profit from downside with short call premium offset.

Why this play: Financed by short call; zero cost if strike chosen; liquidity pass.

Debit: $3.20-$3.91

Max loss: Unlimited

BE: $390.00

Mgmt: Close if spot rises above $390; monitor upside risk.

Traders wanting bearish exposure with limited upfront cost.

Watchlist Triggers

Entry Triggers

IFIF spot breaks below $362 support → THEN buy 2026-07-17 $375 put (long put)

IFIF spot rallies to $382 (2d guardrail resistance) → THEN enter 2026-07-10 $368/$360 bear put spread

IFIF spot holds below $380 and volume high → THEN initiate 2026-07-17 $375 put / $390 call bearish risk reversal

Adjustment Triggers

ADJIF spot reaches $360 gamma flip and holds → THEN take partial profit on long put, hold spread to expiry

Exit Triggers

EXITIF spot closes above $387 (max pain) → THEN close all bearish positions

Tactical Summary

Bearish multi-week with support at $362 and gamma flip at $360. Resistance at $387 max pain. Elevated VIX favors puts. Prefer long put on break of $362 or bear put spread on bounce to $382. Risk reversal for zero-cost exposure. Invalidation above $387.

How to Use These Reports

This directional reflects the market close on June 23, 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.