Streettracks Gold Shares (NYSE: GLD) Approaching Resistance Says Market Timer Frank Kollar
October 2, 2007
Shares of Streettracks Gold (NYSE: GLD) have been rallying for the past five weeks after breaking out above resistance. But a new resistance level is quickly approaching.
When Streettracks Gold reaches $76.94, it will be pushing against a strong Fib resistance level that is likely to result in many Fib traders taking profits. That should cause a slowdown in this powerful gold rally.
However, if Streettracks Gold manages to make a decisive close above this level, traders can look for another leg up taking GLD all the way to $82.89 before the next resistance level is reached.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy may have a position in Streettracks Gold .
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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