Streettracks Gold Shares (NYSE: GLD) Going Nowhere Fast Says Market Timer Frank Kollar
April 16, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have traded mostly sideways since bottoming at $86 a share on April 1st.
Though Streettracks Gold has bounced from its correction lows, it appears to have lost momentum. Streettracks Gold must surpass resistance at $94.94 a share to break out and make a new run for its rally highs.
Streettracks Gold does not appear to be headed for the rally. A close below $86 a share would indicate a new leg down has begun. A close above $95 a share would forecast a rally to the prior $100 a share highs.
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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