Is StreetTRACKS Gold Shares (NYSE: GLD) Ready To Rally? Asks Market Timer Frank Kollar
July 17, 2007 (FinancialWire) (By Frank Kollar)
A week ago we wrote about a divergence between the price of gold bullion and gold stocks. While the price of gold bullion was up only slightly, gold stocks were rallying. The rally in gold stocks continues and it very well may signal that a rally in gold bullion is imminent.
Shares of exchange-traded fund StreetTRACKS Gold Shares (NYSE: GLD) have now retraced about half of the losses from the April-June correction. We are watching the Fib 61.8% retracement level in GLD as the confirmation needed to turn bullish for GLD (we have been bullish in gold stocks for two weeks).
Look for a close above $66.70 in GLD as confirmation that a tradable rally has begun.
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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any security. Opinions are based on historical research and data believed reliable,
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