Streettracks Gold Shares (NYSE: GLD) Rallies Says Market Timer Frank Kollar
January 21, 2009 (FinancialWire) (By Frank Kollar)
A week ago we wrote that shares of Streettracks Gold Shares (NYSE: GLD) had declined to short term support levels that should turn this heavily traded ETF higher.
Gold Shares reached its 50-day moving average line as well as a rising trend support line that has held declines since Gold Shares reached their November 12 lows.
Gold Shares have now rallied and are approaching their prior highs, at $86.52. A close above this level in coming days should propel shares to the next resistance level at $90.00 a share
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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