Trading Idea: Entry Levels for SPDR Gold

Published on Thursday, 28 June 2012 08:28 Written by TradersHuddle Wire

New York, June 28th (TradersHuddle.com) - Shares of SPDR Gold Trust (NYSE:GLD) ended the trading session close to calculated support at $148.60, a level that will raise the attention of traders looking for an entry point.

SPDR Gold Trust (NYSE:GLD) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion. The Trust holds gold, and issues SPDR Gold Shares in Baskets, in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The sponsor of the Trust is World Gold Trust Services, LLC. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon is the trustee of the Trust. HSBC Bank USA, N.A. serves as the custodian of the its gold.

Traders wanting to establish a position should pay close attention to SPDR Gold's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $159.20 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

Shares of SPDR Gold Trust closed at $152.83 in the prior trading session.

SPDR Gold Trust (NYSE:GLD) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion. The Trust holds gold, and issues SPDR Gold Shares in Baskets, in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The sponsor of the Trust is World Gold Trust Services, LLC. BNY Mellon Asset Servicing, a division of The Bank of New York Mellon is the trustee of the Trust. HSBC Bank USA, N.A. serves as the custodian of the its gold.