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Stock Investors Bid Up Shares of SPDR Gold Trust, Up 2.7%

Published on Thu, 07/11/2013 - 11:12
By Adrienne Chilton

One of today's stocks on the move is SPDR Gold Trust (NYSE:GLD), up 2.7% to $124.27. The S&P is currently trading 0.9% higher to 1,667 and the Dow Jones Industrial Average is trading 0.8% higher to 15,414.

SPDR Gold Trust is an investment fund incorporated in the USA. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust's expenses. The Trust holds gold and is expected from time to time to issue Baskets in exchange for deposits of gold and to distribute gold in connection with redemptions of Baskets.

In the past 52 weeks, SPDR Gold Trust share prices have been bracketed by a low of $114.68 and a high of $174.07 and are now at $124.27, 8% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 0.5%.

There is potential upside of 20.7% for shares of SPDR Gold Trust based on a current price of $124.27 and an average consensus analyst price target of $150.00. The stock should find initial resistance at its 50-day moving average (MA) of $131.80 and further resistance at its 200-day MA of $153.02.

By Adrienne Chilton