- Technical Market Commentary -

December 1, 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) gapped higher on strong volume Tuesday, November 30. In the process, GLD may have begun a new advance.

Shares reached a correction low on November 17 at $130.38, then rallied, and then reached a higher low on November 26, at $133.11.

Tuesday’s rally also broke above a declining trend resistance line, connecting the rally highs on November 8 and November 23. In addition, Tuesday’s close, at $137.78, was only about two percent below GLD’s all-time closing high, reached November 8.

Tuesday’s rally also coincided with a rally in gold and silver bullion.

A GLD breakout above $137.78 would likely result in substantial gains in this emotionally-traded commodity ETF.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 24 to 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/12/01/prcnt-wnnr-rsrch-13/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/12/01/fa-am-digest-39/ for today’s The FirstAlert(tm) Morning Digest summary.

(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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