Streettracks Gold (NYSE: GLD) Testing Support
Says Market Timer Frank Kollar
October 28, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD have declined to
short term support levels after reaching new highs only
last week.
After breaking the $100 ceiling, Gold Shares rose to a
closing high of $104.26.
On Tuesday, October 27, Gold Shares retested the $100
level, which is also the 50% retracement of the October
rally. So far this level is holding.
If $100 fails, there is a second support level at $99.50.
After this, the odds will increase for a test of the October
lows at $97.74.
If we hold at current levels, Gold Shares can make a run
at the prior $104.26 highs. If surpassed, the target for
Gold Shares will be $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.
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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