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Has Gold Topped?

|Includes: SPDR Gold Trust ETF (GLD), SLV
Earlier last week David Banister predicted that gold will top sooner than predicted.  While he hasn't called the  official gold "top", he does think it will come sooner than predicted (full article available here at Market Trend Forecast):

The issue now though, is that 5th waves in a final 5th wave pattern are very difficult to predict and they can extend and run higher than usual, or they can “truncate”, which means they are shortened much more than usual. In the near term, gold investors want to see Gold break out over $1551 in order to avoid what looks like a potential “truncated” top in Gold at that level. What happens is the Bulls run out of gas, and the final 5th wave up gets tired and stops short of the normal destination, catching both bulls and bears off guard at the same time. 
Below is a graphic of what this would look like in the current Gold Bull Market with the recent top at 1577 as wave 3, and the 1551 area as a truncated wave 5 top:
One potential low-risk way to play a "potential" top in gold would be to sell vertical option spreads.  For example, an investor could sell a vertical 154/155 call spread on GLD (the SPDR Gold ETF) with expiration in July, August, or September.  I picked the 154/155 because GLD's high was in early May at $153.61.

The max loss would be $100 per contract, less the premium collected for selling the spread.  As of Friday's close the July's could be sold for around $.21 per contract (or $21), or $.28 ($28) for the August spread. The max gain would be the premium collected when selling the spread.  Commissions/taxes are not included in the example.