Buy GLD 18September 405 Calls

Today we are buying calls in the SPDR Gold Trust (GLD).

After a nice breakaway gap yesterday to get it above its 50-day SMA, it is consolidating a bit before nonfarms tomorrow and there is some UOA hitting the tape this session which we have not seen since May. Of note the XME and the SLV have also attracted some upside demand this week, so the space is getting interesting.

We will buy the 18September 405 Call for $7.00. The GLD is trading $388.91 last.