Streettracks Gold Shares (NYSE: GLD) ETF Plunges Says Market Timer Frank Kollar
March 20, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) suffered a huge sell off on Wednesday as gold futures took a $59 hit.
While gold is one of the most volatile trading vehicles, an almost 6% decline in a single day still counts as an unusually large move.
Gold Shares, which dropped $3.46 for the day, a 3.6% decline, has likely seen the end of easy gains that have pushed prices higher in non-stop fashion since August 2007 with a 54% gain in those six and one-half months.
Support for falling Gold Shares is at $85.18 a share, and then $83.48 a share. Not that much lower considering Gold Shares has shed $7 in only two trading days.
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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