Boston, MA 06/21/2013 (wallstreetpr) – The units of SPDR Gold Trust (ETF) (NYSEARCA:GLD) had been put under continuous monitoring by the analysts for potential breakdown below the support level. The occurrence of breakdown below this level would be followed by intensive short selling in the units of the exchange traded fund based on the price performance of gold bullion.
Over the years, it had been proven to be effective and of less risk to wait for the breakdown to occur before bouncing to sell short the units of exchange traded funds. The units of SPDR Gold Trust (ETF) (NYSEARCA:GLD) had in the recent past been hovering in a range near the low price level of the fund before plunging on Thursday to a new 52 week low price level. With this low price levels, SPDR Gold Trust (ETF) (NYSEARCA:GLD) proves to be an attractive offer for short selling to earn higher returns.
The unit prices of SPDR Gold Trust (ETF) (NYSEARCA:GLD) had declined by 5.35 percent to close at $123.60 per unit for the end of last trading session on Thursday. The unit prices of the Exchange Traded Fund had been moving in the range of $123.34 to $126.38 per unit during the day, thereby hitting new bottoms. The unit prices of SPDR Gold Trust (ETF) (NYSEARCA:GLD) had recorded 52 week low price level to the new value of $123.34 per unit and the 52 week high price level at $174.07 per unit.
SPDR Gold Trust (ETF) (NYSEARCA:GLD) had witnessed the trade of around 2,700 units on Thursday and presently holds 353 million units of the Exchange Traded Fund outstanding in the market with an institutional ownership of 45 percent of its holdings.
