Key Levels for SPDR Gold

gld New York, May 1st (TradersHuddle.com) - SPDR Gold Trust (NYSE:GLD) ended the trading session at $142.77, near its 50 day moving average set at $149.46. SPDR Gold's price action placed the stock below this important level, which makes it difficult to be bought, as the stock will certainly face resistance as it approaches its 50 day moving average.

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.

The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $130.51 and resistance at $143.43. These levels will be closely monitored, as they provide great insight into the latest price dynamics.

If traders want to establish a position in SPDR Gold, given the resistance expected as the stock approaches its 50 day moving average, a trade might materialize as the stock manages to break this important technical level. After the breakout, the 50 day moving average could be used as support going forward. However, until the break materializes, buying the stock is basically a gamble with 50-50 chance.

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,810.06 ▲91.06 (0.51%)
o S&P 500 2,063.50 ▲10.75 (0.52%)
o NASDAQ 4,712.97 ▲11.10 (0.24%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,810.06 Trade time:4:33PM EST Value change:▲91.06 (0.51%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,063.50 Trade time:4:33PM EST Value change:▲10.75 (0.52%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:4,712.97 Trade time:5:15PM EST Value change:▲11.10 (0.24%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.