- Technical Market Commentary -

October 22, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of the SPDR Gold Trust (AMEX: GLD) declined again on Thursday in heavy trading, at about 4% below GLD’s October 14 rally high, which means this widely traded ETF has reached an important support level.

Back on October 1, shares closed at $128.92. Two days later, prices gapped higher and closed at $130.99 per share, which makes $129 a very important support level that may determine whether the correction continues or ends.

If GLD closes decisively below the $129 level in the next few days, prices will likely decline to at least $126.49 per share, which is the next support level. If GLD can rally here, we could have the beginning of a new advance.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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