- Technical Market Commentary -

October 1, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the popular ETF SPDR Gold Shares (NYSE: GLD) have been rallying since reaching a correction low around $113.00 per share in late July. That advance can be seen as part of a much longer term bullish move going back to 2005.

Like any rally, though, per-share prices eventually reach over-extended levels. GLD, up 13% since its late July correction lows, is nearing such levels now.

There are several resistance levels that come together at the $130 level. Plus, by virtue of being a round number, reaching $130 would likely attract additional attention.

We will be looking for, at minimum, a time of consolidation at $130, as well as the real potential of a sharp correction. If we get the correction, there is strong support at $122 per share.

Anyone jumping into bullish positions here should use a tight stop. Overbought conditions can stay that way for a while, but they all resolve eventually in the same direction: down.

(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 (http://www.fibtimer.com/) ETF Timing Strategy has a position in the SPDR Gold Shares ETF (NYSE: GLD).

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