Gold prices settled lower for the second session in a row alongside the strong dollar and ahead of the two-day FOMC meeting that starts today.

The Magnitude system that powers CounterPoint Options zeroed in on the human psychology behind the low gold prices to uncover a short-term opportunity to play a reversal, and as such it is suggesting going long the SPDR Gold Trust ETF (GLD).

GLD has retracted back to support around 118 as gold prices come off from recent highs, and the system expects it to bounce higher from current levels.

Buy to open the GLD Mar. 18th $119 calls at $1.10 limit, good till canceled. If filled, sell half at initial target $1.50 and set stop at 70 cents.

The ticker symbol for the GLD call is GLD160318C00119000, and this is the monthly option that expires on Friday, March 18, 2016.

The last time CounterPoint Options traders played a move in gold prices, we made an easy 18% in a matter of days, and my expectations for this position are even stronger.

To receive further instructions on this trade, please sign-up for a risk-free, 60-day trial of CounterPoint Options and take advantage of 75% savings before this unprecedented offer ends!  The best deal ever on a one-year membership ends at midnight tonight and as a Trade of the Day member, you’re getting a final crack at one of the 15 slots that remain at this price. Don’t wait!