SPDR Gold Trust (ETF) (NYSE:GLD) Tops Ascending Channel – Put Buying Activity

SPDR Gold Trust (ETF) looks like it’s ready to correct lower, generally not only Gold but also the whole commodities index is about to undergo a correction. Currently at $106 something, it will be a buy again at around $103 or lower.

SPDR Gold Trust (ETF) Put Option activity was among the highest today at CBOE, it’s not clear why Gold is often the leading commodity and foretelling of major market shifts but it is, and it doesn’t move in line with the rest of commodities, sometimes Gold can move in its own opposite direction, and eventually prevails over the rest of the market.