Streettracks Gold Shares (NYSE: GLD) Takes A Hit Says Market Timer Frank Kollar
February 6, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have pulled back from their 2008 highs closing on Tuesday, February 5 at $87.68.
Gold Shares is one of the most volatile ETFs and traders are used to the big one-day ups and downs. How far can Gold Shares correct? Initial support is at $85.19, about 3% below current levels.
A close below $85.19 would likely result in a lower low for this volatile ETF. The next support is at $83.48.
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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