If you've been watching the SPDR Gold Shares (GLD) , you know the yellow metal has been consolidating and appears to be bouncing off its 150-day moving average (support). If one prefers to use the 200-day moving average, that support level is just below $400, which is also approximately the 50% Fibonacci retracement level.

Here's how to trade the technical setup: the June $395/$445/$480 call spread risk reversal.

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SPDR Gold (GLD), YTD

This strategy provides a low-decay bullish play for a total net debit of just $4.00 per contract, or 1% of the current price. Of course, selling that lower strike put will tie up a lot of cash, but less so than simply buying 100 shares of GLD.

Sell the June $395 Put

Buy the June $445 Call

Sell the June $480 Call

Skill level: Advanced

Why This Strategy Wins

Structured Around Key Technical Levels: We see immediate resistance at $441. By placing our long call strike at $445, we aren't paying for "hopium" premium.…