ProShares UltraShort Gold (NYSEARCA:GLL) Share Price Cross Below 200-Day Moving Average – Should You Sell?

Shares of ProShares UltraShort Gold (NYSEARCA:GLL) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $18.52 and traded as low as $17.78. ProShares UltraShort Gold shares last traded at $17.82, with a volume of 134,166 shares trading hands.

ProShares UltraShort Gold Stock Performance

The company has a fifty day moving average price of $17.05 and a two-hundred day moving average price of $18.52.

Hedge Funds Weigh In On ProShares UltraShort Gold

An institutional investor recently bought a new position in ProShares UltraShort Gold stock. Raffles Associates LP bought a new position in shares of ProShares UltraShort Gold (NYSEARCA:GLL) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 30,000 shares of the exchange traded fund’s stock, valued at approximately $520,000. Raffles Associates LP owned 3.76% of ProShares UltraShort Gold at the end of the most recent quarter.

About ProShares UltraShort Gold

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.