Rally for Streettracks Gold (NYSE:
GLD) Says Market Timer Frank Kollar
January 7, 2010 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) declined to the
50% retracement level of the April 17 to December 2 rally,
bottoming on December 22. They have since rebounded.
On Wednesday January 6, Streettracks Gold gapped at the
open and rose almost 2% for the day. Are higher highs ahead
for this volatile ETF?
Another 50% retracement level is just ahead. This time
it is the 50% retracement of the December selloff in Streettracks
Gold shares at $112.42. Directly above this is the critical
61.8% retracement level at $114.10.
Until both of these resistance levels have been surpassed,
the correction remains in effect. But a solid close above
$114.19 should result in a new run for the early December
closing highs at $119.18.
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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