November 19, 2009 (FinancialWire) (By Frank Kollar) Shares of Streettracks Gold (NYSE: GLD) have pushed above resistance at $109.04 and closed at $112.25 on Wednesday, November 18.
As chartists, we look to the next resistance level as the potential target when a resistance level has been decisively surpassed.
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.
But based on the current daily chart for Streettracks Gold, we see the target for this rally up at $119.98, about 6.9% higher than Wednesdays close.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Streettracks Gold.
Frank Kollar has been timing the financial markets since 1982, with online service since 1996. He is a dedicated trend timer and his strategies exited the markets before the crash in 1987 as well as the bear market in 2000 through 2002. During the 2000-2002 bear market, his bearish positions resulted in gains exceeding 100 percent, all achieved by trading trends.
Kollars 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.
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.
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