Streettracks Gold (NYSE: GLD) Breaks Support
Says Market Timer Frank Kollar
July 28, 2010 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) took a nosedive
in trading Tuesday, July 27.
Since early-May gold shares has held above the $115 level,
but in Tuesday’s trading, share prices gapped down
at the open, to below this important support and then continued
lower closing at $113.51.
This breaks three months of strong support and also likely
ends the rally that at one point reached all the way to
$123.56 a share.
What next for this extremely volatile and hugely popular
gold ETF?
We would not hold shares after this decline. Unless the
damage is undone in coming weeks, we would expect gold
shares to break $110 and possibly test the $106 level.
There will be better times to own this ETF.
Fibtimer.com does not currently have 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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