Streettracks Gold (NYSE: GLD) Stalls
at Resistance Says Market Timer Frank Kollar
March 9, 2010 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) pulled back on
Monday, March 9 after GLD reached strong resistance last
week and failed to punch through.
Back on January 11, GLD closed at $112.85, the high point
in a two week rally. Shares reversed and declined almost
10% in the following three weeks.
GLD is back at this same level. $112.42 is the 50% retracement
for the entire December to February decline in gold shares.
Back in early January, the same level was the 50% retracement
for the December decline.
Obviously GLD has trouble pushing above the 50% retracement
level and after reaching it last week, GLD has again reversed
and moved lower.
In coming days, a decisive close above $112.42 would point
to a run for the prior $120 highs. A close below $108.30
would likely result in a test of the February 5 lows at
$102 a share.
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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