October 22, 2010
Shares of Streettracks Gold (NYSE: GLD) declined again on Thursday, October 21 in heavy trading, about 4% below their rally high reached on October 14.
Shares of this widely traded ETF have reached an important support level.
Back on October 1, shares closed at $128.92. Two days later prices gapped high and closed at $130.99 a share.
This makes the $129 level a very important support that may determine if 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 a share, the next support level.
If GLD can rally here, we could have the beginning of a new advance.
Fibtimer.com does not currently have a position in Streettracks Gold.
Disclosure: Fibtimer.com does not currently have a position in Streettracks Gold.