- Technical Market Commentary -

September 15, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The SPDR Gold Trust ETF (AMEX: GLD) has broken out to a new 2010 and new all-time per-share high. The breakout arrived on high volume and with a gap open at the start of trading. We have been expecting this breakout to occur, and now that it is here, we can look for potential targets.

There has been a great deal of publicity helping to prop up gold prices not to mention a weak economy that has seen money transferred into precious metals as a hedge against potentially even worse economic times ahead.

GLD reached, but then closed just below, its initial resistance level (at $124.23). There is also some resistance expected at $126.75.

Momentum is behind the bulls though and we are looking at an initial target of $130.00 per share, some 4.8% above current levels.

GLD is one of those emotional buys that could skyrocket. 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.)

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

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