Well most double tops do fail 1st time around. The only major threat is a breakout to new highs. "IF" Gold breaks out to new highs it is capable of running up dramatically and fast. Most everyone thinks Gold is too expensive and is going to pull back. That is never a reason to be bearish as there is no such thing as expensive or cheap other than in relative terms. And Gold has not even kept up with inflation which is about 3 times higher than in 1980 when Gold hit $850 an oz. Just keeping up with inflation that would see Gold back to over $2500. The rebound off the recent correction down to the low 1700's was unbelievably fast and bullish. Another bullish concern is Sept is the most bullish time of the year for Gold historically and sees prices rally strongly. So it may pay to have a cheap OTM call option as a hedge and if a breakout is seen bail out of the puts and add to the Call that may be quickly in the money. That's the strategy I'd use on these options if I had a gun to my head. Never say Never!