Possible Rally Ahead for Streettracks Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar
July 15, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) have been moving sideways, though with a great deal of volatility, since testing their highs back on February 20 and failing to break out.
Only a week ago we wrote that GLD had formed a Pennant Pattern and that a break below the rising lower trend support line of this pattern should not be broken. It was, but then GLD stopped declining.
Though that support line was broken, GLD did hold at its 61.8% retracement support level for the April June rally. 61.8% is critical support. GLD has moved higher the last two days. If we see continued follow-through, we may have a bottom in place and a nice rally ahead.
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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