GLDW tries to reflect the performance of the Solactive GLD Long USD Gold Index, which is designed to represent the daily performance of a long position in physical gold and a short position in the FX Basket comprised of euro, Japanese yen, British pound, Canadian Dollar, Swedish krona and Swiss franc. The performance of the USD against the currency basket will determine whether the index increases or decreases the amount of gold held.
GLDW has attracted $27.2 million in assets since its January debut.
We do note the 20-day moving average has once again crossed above the 200-day moving average but it remains to be seen if upward price momentum will follow this normally bullish signal, which did not happen the last time this signal occurred in April. The 14-day RSI is strong with a current reading of 68.60. The April 17 high at 1300.30 looks to be the next resistance level for the August contract with support seen at the May 17 low of 1240.00,” said OptionsExpress regarding gold futures.
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Tom Lydon’s clients own shares of GLD.