SPDR Gold is Near a Key Support Area

Published on Thursday, 31 January 2013 08:42 Written by TradersHuddle Wire

New York, January 31st (TradersHuddle.com) - Shares of SPDR Gold Trust (NYSE:GLD) are trading very close to calculated support at $158.39 with price action closing at just $162.19 and placing the stock near levels where traders will start paying attention.

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 $169.00 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

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.