Streettracks Gold Shares (NYSE: GLD) Takes A Header Says Market Timer Frank Kollar
March 5, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have pulled back from all time highs with prices losing over two percent on Tuesday, March 4 for this volatile ETF.
When Gold Shares broke out past the $91-$91.50 level in late February, it likely marked the start of a new advance. With volatile Gold Shares, that advance could be quite something to watch. The $1000 level is just around the corner for gold bullion and if it is surpassed, watch for another rush into Gold Shares.
Gold Shares is likely to pull back a bit here as the advance is far ahead of itself and profit taking is needed in order to keep the rally intact. Either a small pullback now, or a much larger one later.
But over the coming weeks, higher highs are ahead for Gold Shares.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy may have a position in Streettracks Gold Shares .
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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