Higher Highs Ahead for Streettracks Gold (NYSE: GLD) Says
Market Timer Frank
Kollar
November 19, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) have pushed above
resistance at $109.04 and closed at $112.25 on Wednesday,
November 18.
As chartists, we look to the next resistance level as
the potential target when a resistance level has been decisively
surpassed.
In the case of Streettracks Gold, many resistance levels
have fallen by the wayside in the last few months and the
potential for continued emotional highs, or even an emotional
retracement, is always present.
But based on the current daily chart for Streettracks
Gold, we see the target for this rally up at $119.98, about
6.9% higher than Wednesday’s close.
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. |
