ProShares Ultra Gold (NYSEARCA:UGL) Shares Gap Down – Time to Sell?

ProShares Ultra Gold (NYSEARCA:UGL) shares gapped down prior to trading on Tuesday . The stock had previously closed at $52.91, but opened at $50.33. ProShares Ultra Gold shares last traded at $50.8640, with a volume of 1,318,280 shares.

More ProShares Ultra Gold News

Here are the key news stories impacting ProShares Ultra Gold this week:

• Positive Sentiment: Renewed U.S.-Iran and Gulf tensions are providing some safe-haven demand, while concerns about government debt, expanding money supply and potential U.S. dollar debasement support the longer-term bullish case for gold. Gold and Silver Price Forecast Treasury Bond Buybacks and Gold
• Positive Sentiment: Some analysts continue to view gold’s structural bull market as intact and forecast substantially higher prices over the longer term, which could benefit UGL if the trend resumes. Long-Term Gold Bull Case
• Neutral Sentiment: Weakening U.S. labor-market data could eventually reduce pressure for additional Federal Reserve tightening, but gold has not benefited because bond yields and rate expectations remain elevated. Gold and U.S. JOLTS Data
• Negative Sentiment: Markets are assigning nearly 70% odds to a September Fed rate hike after hawkish comments from Fed Chair Kevin Warsh. Rising Treasury yields, a firmer dollar and higher oil prices are pressuring non-yielding gold. Gold Price Slides as Rate-Hike Odds Rise Gold Hits Two-Week Low
• Negative Sentiment: Technical momentum has deteriorated: gold breached the closely watched $4,350 area, and the World Gold Council warned of a potential pullback toward $4,215. A break below support could create additional downside for leveraged UGL. World Gold Council Gold Pullback Warning
• Negative Sentiment: Gold ETF inflows have reversed following the hawkish Fed repricing, suggesting weaker near-term investment demand. Gold ETF Inflows Reverse

ProShares Ultra Gold Stock Performance

The firm’s 50-day moving average is $47.94 and its 200 day moving average is $57.17.

Institutional Trading of ProShares Ultra Gold

Institutional investors and hedge funds have recently made changes to their positions in the company. IFP Advisors Inc boosted its holdings in ProShares Ultra Gold by 65.1% in the fourth quarter. IFP Advisors Inc now owns 710 shares of the company’s stock valued at $39,000 after acquiring an additional 280 shares during the last quarter. Group One Trading LLC increased its stake in ProShares Ultra Gold by 711.7% during the second quarter. Group One Trading LLC now owns 2,573 shares of the company’s stock worth $89,000 after acquiring an additional 2,256 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of ProShares Ultra Gold by 1,665.3% in the 1st quarter. Jones Financial Companies Lllp now owns 2,648 shares of the company’s stock worth $341,000 after purchasing an additional 2,498 shares during the period. NewEdge Advisors LLC acquired a new position in shares of ProShares Ultra Gold in the 4th quarter valued at about $217,000. Finally, Thoroughbred Financial Services LLC acquired a new position in shares of ProShares Ultra Gold in the 4th quarter valued at about $222,000.

ProShares Ultra Gold Company Profile

ProShares Ultra Gold (the Fund) seeks daily investment results that correspond to twice (200%) the daily performance. The Fund generally invests in financial instruments as a substitute for investing directly in a commodity or currency in order to gain exposure to the commodity index, commodity or currency. The Funds may purchase United States Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less.