ProShares UltraShort Gold (NYSEARCA:GLL) Stock Price Break Above Two Hundred Day Moving Average – Should You Sell?

ProShares UltraShort Gold (NYSEARCA:GLL)’s share price crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $22.99 and traded as high as $24.97. ProShares UltraShort Gold shares last traded at $24.84, with a volume of 763,001 shares.

ProShares UltraShort Gold Stock Up 3.0%

The firm’s fifty day moving average is $22.97 and its 200-day moving average is $23.01.

Hedge Funds Weigh In On ProShares UltraShort Gold

Hedge funds have recently modified their holdings of the company. Group One Trading LLC bought a new stake in ProShares UltraShort Gold in the 1st quarter valued at $366,000. Hamilton Wealth LLC acquired a new stake in shares of ProShares UltraShort Gold during the first quarter worth $1,265,000. Finally, IMC Chicago LLC acquired a new stake in ProShares UltraShort Gold during the 2nd quarter worth $3,824,000.

ProShares UltraShort Gold Company Profile

ProShares UltraShort Gold (the Fund) seeks daily investment results that correspond to twice (200%) the inverse (opposite) of the daily performance of gold bullion as measured by the United States dollar p.m. fixing price for delivery in London. The Fund will not directly or physically hold the underlying gold, but instead, will seek exposure to gold through the use of financial instruments, whose value is based on the underlying price of gold to pursue their investment objective. The benchmark price of gold will be the United States dollar price of gold bullion as measured by the London afternoon fixing price per troy ounce of unallocated gold bullion for delivery in London through a member of the London Bullion Market Association (LBMA) authorized to effect such delivery.