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Frank Kollar: Streettracks Gold Nearing New Highs

- Technical Market Commentary -

September 8, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of Streettracks Gold (AMEX: GLD) are on the verge of breaking out, and, considering the strength of this rally, we could see new highs in coming days.

GLD closed on Tuesday, September 7 at $122.70, only 13 cents 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. GLD has a great deal of momentum and a breakout appears imminent. GLD is also riding a wave of publicity with gold prices getting a great deal of attention during these uncertain economic times.

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. There is also some resistance at $126.75. But the odds favor a substantial breakout for this emotional ETF and sector.

A new closing high should result in an initial target of $130.00 a share, some 6% above current levels.

GLD is one of those emotional buys that could skyrocket if a breakout occurs. So initial resistance levels could quickly 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.)

Disclosure: Frank Kollar’s Fibtimer.com Stock Timing Strategy does not currently have a position in Streettracks Gold but does have a position in the Rydex Precious Metals Fund, RYPMX, a gold stock mutual fund.

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