Break Out for Streettracks Gold Shares
(NYSE: GLD) Says Market Timer Frank Kollar
October 7, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD broke out in the
most dramatic fashion on Tuesday, October 6.
Over the past two years Gold Shares have tested the $100
level several times. In March of 2008, in February of 2009
and then over the past two weeks Gold Shares has been almost
continuously testing it. But every test has met with selling
and declines.
But on Tuesday, the big break occurred and Gold Shares
gapped up and opened at over $100 at the start of trading,
and closed at $102.21, near the highpoint for the day.
The initial target for Gold Shares is $109.04. If Gold
Shares can make a decisive close above this level, the
next target is $119.98.
Gold is a volatile trading medium. We recommend limiting
trading in this sector to no more than 5% to 10% of capital.
Yes it is making new breakout highs, but gold can and has
turned on a dime.
Support is at the prior resistance level, $100 a share.
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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for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
