Goldcorp Inc. (NYSE: GG) shares are rising today after gold futures rose to $1000 for the first time ever. Gold prices have received support from a weaker dollar, which has recently hit lows against multiple currencies. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on GG.

After hitting a one-year low of $21.00 in August, the stock hit a one-year high today. GG opened this morning at $43.94. So far today the stock has hit a low of $43.94 and a high of $44.95. As of 12:20, GG is trading at $44.63, up $1.63 (3.8%). The chart for GG looks bullish and steady.

For a bullish hedged play on this stock, I would consider a July bull-put credit spread below the $30 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. This particular trade will make an 8.7% return in just four months as long as GG is above $30 at July expiration. Goldcorp would have to fall by more than 32% before we would start to lose money.

GG hasn't been below $30 since September and has shown support around $35 recently. This trade could be risky if the price of gold drops, but even if that happens, this position could be protected by the support the stock might find at its 50- and 200-day moving averages, which are around $38 and $31 respectively.

Brent Archer is an options analyst and writer at Investors Observer. At publication time, Brent neither owns nor controls positions in GG.