What’s Next For StreetTRACKS Gold Shares (NYSE: GLD) Asks Market Timer Frank Kollar
July 10, 2006 (FinancialWire) (By Frank Kollar)
Back in mid-June, the Fibtimer.com (http://www.fibtimer.com) Gold Timing Strategy issued a BUY signal. One way to trade that signal is with the exchange-traded fund StreetTRACKS Gold Shares (NYSE: GLD). Gold Shares are intended to offer investors a means of participating in the gold bullion market without the necessity of taking physical delivery of gold.
Currently Gold Shares are at a strong resistance level after rallying for the past few weeks. GLD $63.37 marks the 50% retracement of the entire May-June correction in gold.
Expect Gold Shares to consolidate here. A decisive close above $63.37 though would mark the likely start of another leg up in gold bullion and Gold Shares. For those who missed the June-July rally,
this could be a chance to make a new entry into a long position. If resistance is not surpassed, it could mark the beginning of a longer-term consolidation or a return to the correction.
Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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