Streettracks Gold Shares (NYSE: GLD) Pulls Back Says Market Timer Frank Kollar
June 16, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) came close to their 2009 rally highs two weeks ago, but that rally is history.
GLD peaked in February at just above $97.00 a share. On Tuesday June 2, GLD closed at 96.36, just a fraction away from new 2009 highs. Now GLD has pulled back to close at $91.10 on June 15. How much downside is left?
GLD is right at several strong support levels. The 50% retracement support at $91.15 and the 200-day moving average at $91.63. If it holds here we could see a resumption of the advance.
A close below $89.59 though, which is the critical 61.8% retracement support level, would likely be followed by a continuation to lower lows over coming weeks.
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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