By Chris McKhann , analyst at OptionMonster.As gold pulls back about 10% from its highs of two weeks ago, options trading is pointing to a further downside. Gold futures crossed the $1,000 mark briefly on Feb. 20 but have dropped every day since then and now sit at $912. The SPDR Gold Trust ( GLD) exchange traded fund has retraced from $99 to its current level around $89, mirroring the price decline of the precious metal itself. At least one options trader is looking for more downside, at least on a limited basis. This player bought 4,500 of the April 85 puts for $2.45 and traded a similar number of April 80 puts, according to OptionMonster's tracking systems. The trade appears to be a bear put spread, using the sale of the April 80 puts to offset some of the cost of the April 85 contracts.