Lower Lows For StreetTRACKS Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar
May 25, 2007 (FinancialWire) (By Frank Kollar)
Shares of exchange-traded fund StreetTRACKS Gold Shares (NYSE: GLD) continued to sell off, closing Thursday at $64.75, below critical support. What happens next?
Breaking critical support at the GLD $65.00 level, calls for a decline to at least the next support level, in this case at $63.92. Traders should watch for this in coming days. However, if $63.92 is also broken, declines could escalate and reach $63.00 a share in short order. Gold bulls should be on the sidelines for now.
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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