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Bullion has pulled back, and one investor is seeing a golden opportunity to get long the precious metal.

optionMONSTER's Heat Seeker tracking system detected the purchase of 10,000 March 170 calls on the SPDR Gold Shares exchange-traded fund for $1.07. An equal number of March 188 calls were sold at the same time for $0.15, resulting in a net debit of $0.92.

Vertical spreads such as this control a move between two prices, in this case $170 and $188. If the GLD rallies to the top of that range, the position would be worth $18--a profit of 1,857 percent. (See our Education section)

The GLD is down 0.44 percent to $160.45 in afternoon trading, continuing to remain trapped in a range in place since August 2011. The fund has lost almost 7 percent of its value in the last three months, especially after selling by hedge-fund manager John Paulson.

The declines have brought the fund back to its 200-day moving average, which could make some chart watchers think it's ready to bounce.

Calls outnumber puts by more than 2 to 1 in the fund so far today, according to the Heat Seeker.

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