Streettracks Gold Shares (NYSE: GLD) Finds Support Says Market Timer Frank Kollar
September 9, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) may have made an important bottom.
Gold Shares have now held twice at the 61.8% support level. This is critical support at $77.66 and with two selloffs stopped at this level, August 15 and September 2, this could be a bottom.
However, this is not a buy signal by any means. Gold Shares could stay at these levels quite some time. Also, should they close below $77.66 in coming days; it would invalidate this as a bottom and indicate shares have lower prices ahead.
$77.66 is the Fib 61.8% retracement support level for the entire gold rally from June 2007 to March 2008.
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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