SPDR Gold Shares Gets Bullish Confirmation

Posted on 06/13/2012 by Allen Bersch

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NEW YORK (AVAFIN) -- On Wednesday shares of SPDR Gold Shares closed above the 50-day moving average of $156.84. This development is relevant given that it may be viewed as a sign of strength from a technical perspective. The relationship between the stock price and it's moving average is important as it will set the stage for how investors perceive the trend. As long as the stock movement maintains it's current trajectory, investors will view it as a sign of bullishness.

Fundamental changes that are above or below investors expectations trigger the development of support levels. This development is the probably the most noticeable and reoccurring event on stock charts that can serve as a key data point. Based on the pivot points, the current support and resistance levels for GLD are within the $155.84 - $158.30 range.

SPDR Gold Shares has market cap of 66.32B and is part of the financial sector and exchange traded fund industry. Recent performance indicators show that the stock has gained 3.83% within the last month.

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