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GLD

SPDR Gold SharesClose $377.32EOD only

Max Pain

$387.00

Next expiry Jun 24, 2026

Expected Move

±$4.68

1.2% from close

Price Gap

+9.68

Distance to max pain

IV Rank

Low premium

P/C OI

0.58

Slightly call-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: Jun 23, 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 23, 2026 close

GLD Directional Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias: bearish flow, short gamma dealers, spot below MP, and negative gamma amplifies downside. Resistance at 374, support at 360. VIX elevated adds caution.

Confidence:

7 / 10

Base 5 +2 GEX/flow aligned -0.5 spot 5% from MP +0.5 VIX 19 = 7

Supports: Bearish flow, short gamma, spot below MP, negative gamma flip at 360
Conflicts: VIX elevated may cap panic selling; gold as safe-haven could see reversal

📉Bearish flow and short gamma align for downside

⚠️Spot near gamma flip at 360 (~1.6% below), key support

📊VIX at 19, elevated but gold may act as hedge

Regime Classification

Vol Regime

Normal

Normal vol regime; VIX at 19 suggests moderate expected movement

Gamma Regime

Trending

Trending gamma: dealers short gamma ($-233.5M), amplifying directional moves

Flow Regime

Bearish

Bearish flow: net premium selling or put buying, confirming downside pressure

Spot vs Max Pain

Below

Spot below max pain; support at 360 (gamma flip) based on put OI concentration

Thesis duration: Multi-week — Bearish flow and structural short gamma suggest persistence; gold macro themes last weeks

Price Range Forecast

Next 2 days

$358.56$373.28

Range $358.56-$373.28; bias lower toward 360 support

Next 1 week

$356.52$375.32

Range $356.52-$375.32; gamma flip at 360 may act as magnet

Next 2 weeks

$357.80$374.05

Range $357.80-$374.05; resistance at 385 unlikely

Key Levels

Max pain pins: $385 (2026-06-24); $390 (2026-06-26); $386 (2026-06-29)

EM guardrails: 2d $358.56/$373.28; 1w $356.52/$375.32

Support: $360.00 · $357.80 · $350.00

Resistance: $374.05 · $385.00

Gamma flip: ~$360.00 — Approx — based on put OI concentration of 102,592 (1.6% below spot)

Structural: Support: 360 (gamma flip), 357.80, 350. Resistance: 374.05, 385. Max pain pins: $385 (6/24), $390 (6/26), $386 (6/29).

Dealer Positioning (GEX/DEX)

GEX: $-233.5M

DEX: +92.4M shares

Gamma flip: ~$360 (Approx — based on put OI concentration of 102,592 (1.6% below spot))

NTM gamma: Dealers short gamma ($-233.5M) with positive delta (+92.4M shares). Gamma flip near $360 based on put OI concentration (102,592 contracts).

IV Analysis

IV vs VIX: GLD IV likely near VIX on rich side given bearish skew; elevated vol supports puts

Term structure: Likely backwardation near events; longer-dated high if macro uncertainty persists

Skew: Put skew elevated; consider put spreads vs outright puts due to high IV

Flow Analysis

Net premium: Net premium +$420M, put/call vol ratio 1.45, bearish.

Directional prints: 29.1 put 320 OTM 2026-09-18 — Vol/OI 10.0, very high. Large put buying for downside protection; likely bearish positioning. 6.6 put 365 OTM 2026-06-24 — Vol/OI 8.4, expiring today. Heavy put activity at low premium suggests closing or OTM bets.

Unusual: 27.1 call 370 OTM 2026-06-30 — Vol/OI 18.5, extremely high. Aggressive call buying vs negligible open interest; likely opening bullish. 28 call 385 OTM 2026-10-16 — Vol/OI 12.1, high. Call buying far OTM for upside speculation; contrasts with overall put flow. 29.1 put 320 OTM 2026-09-18 — Vol/OI 10.0, high. Large put volume at deep OTM strike; bearish hedge or directional bet.

Risks & Catalysts

!Gold safe-haven demand could reverse bearish flow if market stress spikes.

!Spot mean reversion toward max pain above $385 if dealer hedging flips.

!VIX at 19 may cap downside if panic selling is absorbed.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Strong	Buy 2026-07-24 $360.00/$355.00 put spread Why now: Defined-risk bearish debit spread targeting 360 support zone with 30-45 DTE.	Gold safe-haven reversal could spike spot above 374, capping profit.
Long put	Moderate	Buy 2026-07-24 $360.00 put Why now: Convex downside protection or directional bet with 30-45 DTE near support.	Time decay if spot stalls; gold safe-haven could reverse quickly.
Call credit spread	Weak	Sell 2026-07-24 $374.00/$375.00 call spread Why now: Sell premium near resistance with defined risk; 30-45 DTE for theta decay.	Upside breakout above 374 from safe-haven demand could cause loss. Liquidity constraints: short_call: Open interest below 25.

Top Plays

Bear Put Spread

Buy 2026-07-24 $360.00/$355.00 put spread

Buy 360/355 put spread, costs 1.42-1.73, max gain 3.27, risk defined.

Why this play: Defined risk bearish play targeting 360 support with 30-45 DTE; aligns with bearish flow and spot below MP.

Debit: $1.42-$1.73

Max loss: $1.73

BE: $358.27

Mgmt: Exit if spot breaks above 374 invalidation level.

Traders wanting limited risk bearish exposure

Long Put

Buy 2026-07-24 $360.00 put

Buy 360 put for 7.49-9.16, unlimited upside if gold tanks.

Why this play: Convex downside bet near support; benefits from gamma if spot drops fast.

Debit: $7.49-$9.16

Max loss: $9.16

BE: $350.84

Mgmt: Monitor closely; set stop at 374.05 invalidation.

Aggressive directional traders

Call Credit Spread

Sell 2026-07-24 $374.00/$375.00 call spread

Sell 374/375 call spread for 0.68-0.83 credit, max loss 0.17.

Why this play: Sells premium near resistance; but liquidity pass false suggests thin fills.

Credit: $0.68-$0.83

Max loss: $0.17

BE: $374.83

Mgmt: Close if spot nears 374; otherwise let decay. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Income seekers with moderate bearish view

Watchlist Triggers

Entry Triggers

IFIF spot reaches 374.05 resistance and fails to sustain above 373, THEN → Buy 2026-07-24 $360/$355 bear put spread at $1.42-$1.73 debit

IFIF spot breaks below 360 support, THEN → Buy 2026-07-24 $360 put at $7.49-$9.16

IFIF spot stays below 370 for a full session, THEN → Sell 2026-07-24 $374/$375 call credit spread at $0.68-$0.83 credit (caution: thin liquidity)

Exit Triggers

EXITIF spot closes above 374.05, THEN → Exit all bearish positions immediately

Tactical Summary

Bearish bias: spot below MP, bearish flow, short gamma dealers. Key levels: resistance 374.05, support 360. Top play is bear put spread for defined risk. Invalidation at 374.05. Call credit spread has liquidity concerns. VIX elevated adds caution.

How to Use These Reports

This directional reflects the market close on June 24, 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.