Streettracks Gold Shares (NYSE: GLD) Breaks Support Says Market Timer Frank Kollar
June 11, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) gapped down at the open Tuesday, June 10 and closed below short term support.
Gold Shares reached exactly the 50% retracement of its entire March to May correction, and was unable to surpass it. On May 27 Gold Shares gapped down at the open and since has been declining with increasing speed.
Gold Shares’ close below the lows reached June 5 point to a retest of the May 1 lows at $83.57. Should Gold Shares close below those lows, look for continued declines to around $77.66 which is long term support.
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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