Streettracks Gold Shares (NYSE: GLD) at Support Says Market Timer Frank Kollar
January 14, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold Shares (NYSE: GLD) have declined to short term support levels that should turn this heavily traded ETF higher.
Gold Shares closed Monday and Tuesday right at its 50-day moving average line.
Gold Shares is just above the 50% retracement support level for the entire advance from the November lows. This support is at $78.18. The next support is at $76.25.
Gold Shares is also right at a rising trend support line that has held shares at ever higher correction lows, also since the November bottom.
This should turn declining share prices higher. A close below $76.25 would be very bearish for the short term.
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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