Streettracks
Gold (NYSE: GLD) Nearing Resistance Says
Market Timer Frank
Kollar
November 25, 2009 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) have pushed above
resistance at $109.04 and closed at $114.73 on Tuesday,
November 24.
When an advance is so extended that it begins hitting
new highs nearly every day for weeks at a time, you have
to start looking for a resistance level that will result
in a reversal.
The next resistance level is the 161.8% retracement for
the 2008 gold decline. This places the most likely price
for a reversal, and the target for this rally, up at $119.98.
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.
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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