Streettracks Gold Shares (NYSE: GLD) At Support Says Market Timer Frank Kollar
December 18, 2007 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have pulled back to support that could determine the direction of the next several weeks.
Gold Shares has formed a very obvious pennant formation since hitting rally highs back early November. The formation has lower highs and higher lows, culminating in very little wiggle room for GLD. Monday’s lows were right at the lows of the pennant, around $77.80.
A close below these lows will likely result in considerably lower lows for this volatile ETF. But if GLD moves higher from here and closes above $90.00 a share, we would expect to see a run for the November highs.
If you trade this ETF, be sure to keep a stop in place, as gold and gold stocks are the ultimate of volatile commodities.
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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