Huge Resistance Ahead for Streettracks Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar

September 16, 2009 (FinancialWire) (By Frank Kollar)

Shares of Streettracks Gold (NYSE: GLD have continued to gain ground over the past months but now stand at a resistance level that has never been surpassed.

Twice since the beginning of trading for Streettracks Gold, in March 2008 and February 2009, shares have reached to just below the magical $100 level. In 2008, shares reversed and entered a substantial bear market. In 2009 they entered a steep correction that lasted two months.

Now Streettracks Gold is again at the threshold of a major breakout, or another reversal and decline.

Streettracks Gold closed Tuesday, September 15 at $98.90, the highest closing price since the 2008 rally. And in 2008 the close was only pennies higher.

We do not have a crystal ball, but watch this level for fireworks either way. If Streettracks Gold reverses, expect lower lows in coming weeks. If Streettracks Gold closes above $100 a share, it is a major breakout.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Streettracks Gold.

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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