Surprising Strength In StreetTRACKS Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar
April 5, 2007
Shares of exchange-traded fund StreetTRACKS Gold Shares (NYSE: GLD) made a surprising rally on Wednesday, closing at $66.81. We have been watching shares of this actively traded ETF for a pullback, but yesterday’s advance left us scratching our heads .
Should this advance continue, with a close above $67.10, the Fib 78.6% retracement / resistance level, in coming days, we may see a run for the prior rally high just above $68.00 a share. But traders beware, the $67.10 level will be tough to crack and a reversal here could open the door for a decline all the way to $63.00.
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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