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Streettracks Gold (NYSE: GLD) Testing Important Support

|Includes: SPDR Gold Trust ETF (GLD)

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.