Streettracks Gold Shares (NYSE: GLD) Hits Resistance Says Market Timer Frank Kollar
December 31, 2008 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have pulled back after reaching resistance at $87 a share.
Gold Shares was unable to move above this level two weeks ago and then pulled back some 7% in the next week. Gold Shares again reached $87 a share on Monday, December 29 and pulled back.
This could be the beginning of a double top and result in further declines, but if Gold Shares can close above $87, look for higher highs.
Gold Shares’ target for this advance is at the $90-92 level. These were the highs reached back in October that were followed by a 24% decline.
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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