Selloff for Streettracks Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar

September 3, 2008 (FinancialWire) (By Frank Kollar)

Shares of Streettracks Gold Shares (NYSE: GLD) took a huge hit on Tuesday, September 2 as shares gapped down at the open and closed the day with a 3% loss.

Gold Shares were much lower intra-day but did recover some of the losses before the closing bell. The day’s lows though came within a fraction of the previous closing lows at 77.63 reached only two weeks previous.

Critical support for Gold Shares is at $77.66. This is the Fib 61.8% retracement support level for the entire gold rally from June 2007 to March 2008.

Critical support must hold or Gold Shares faces considerably lower lows in coming weeks. The next support is at $71.23, some 10% below current prices.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy may have a position in Streettracks Gold Shares .

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.

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.

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