Dan Passarelli Trade: Selling Bull Credit Spreads on GLD

Dan Passarelli talks about the Gold ETF. GLD shares have been falling for several months now and could continue on a steady decline.
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In today's Traders Exclusive, Dan Passarelli presents a trade idea in GLD, the ETF which tracks the price of gold. Gold has been in a continuous downtrend since breaking down in 2013, and over the last few months we've seen the GLD sell off hard. The 114 support level was recently breached, and there is a high probability that level holds as resistance for the short-term. The trade is to sell the November 114/116 call spread for $0.35 cents or better. Since it's a call credit sell, we're selling option premium, which is well priced because implied volatility is currently trading above historical volatility.