Streettracks Gold (NYSE: GLD) Nears Breakout
Says Market Timer Frank Kollar
August 31, 2010 (FinancialWire) (By Frank Kollar)
Shares of Streettracks Gold (NYSE: GLD) tried to breakout
on August 26, with an intra-day high at $122.95. Shares
are still less than 1% from that high.
That attempt failed but GLD remains near levels where
a breakout could happen at any time. GLD is also riding
a wave of publicity with gold prices getting a great deal
of attention during these uncertain economic times.
GLD closed on Monday, August 30 at $120.91, only 2% shy
of its all-time closing high of $122.83. If GLD does make
a decisive close above this prior high, look for considerably
higher highs in coming weeks.
Initial resistance is at $124.23 and this is the first
target after a breakout.
If $124.23 is surpassed, the target becomes $130.00 a
share, some 7% above current levels.
GLD is one of those emotional buys that could skyrocket
if a breakout occurs. So resistance levels could easily
be surpassed. However volatility works in both directions
so positions should either be small, or have appropriate
sell-stops in place.
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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