- Technical Market Commentary -

August 31, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the SPDR Gold Trust ETF (NYSE: GLD) tried to breakout on August 26th, with an intra-day high at $122.95. Shares remain less than 1% from that high.

Although that breakout attempt failed, 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 at $120.91 on Monday, which was only 2% shy of its all-time closing high of $122.83. If GLD does make a decisive close above that prior high, look for considerably higher highs in coming weeks.

Initial resistance is at $124.23, which is the first target after a breakout. If $124.23 is surpassed, the target becomes $130.00 per share, which is 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.

(Go to http://www.financialwire.net/2010/04/22/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby+cmmtry for more of Kollar’s commentaries.)

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The FirstAlert(tm) Economics Calendar lists Weekly Chain Store Sales (8:55 a.m.), S&P Case-Shiller Home Price Index for June (9 a.m.), Chicago PMI for August (9:45 a.m.), Consumer Confidence Index for August (10 a.m.), FOMC Minutes released (2 p.m.)

The FirstAlert(tm) Events Calendar showcases GES Analyst Meeting; MMM, EMR, ITW at the Morgan Stanley Global Industrials Conference; OSK at the Three Part Advisors Midwest IDEAS Investor Conference.

The FirstAlert(tm) Earnings Calendar highlights 888 Holdings plc (EIHDF.PK) Interim 2010 Earnings Release.

FirstAlert(tm) Website of the Day: http://health.yahoo.net/experts/eatthis/8-perfect-stay-young-foods/

Quote of the Day: "Eccentricity, to be socially acceptable, had still to have at least four or five generations of inbreeding behind it." — Sir Osbert Lancaster

Word of the Day: schlep \SHLEP\, verb: 1. To move slowly, awkwardly, or tediously. 2. To carry; lug.

In context: “They are smelly, stubborn and slow. Yet they're still the favoured traditional and novelty mode of transportation on the Greek island of Santorini. They are the famous donkeys that schlep people and cargo from the Old Port to the island's capital of Fira.” — Steve MacNaull, "Island Hopping", Calgary Herald, July, 2010.

(Schlep is a Yiddish word with a basis in the German schleifen, "to trudge.")

Today is: Love Litigating Lawyers Day

Happy Birthday: Arthur Godfrey

Today in History: Byzantine Empress Theodora died suddenly in 1056 without children to succeed the throne, ending the Macedonian dynasty.

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