December 1, 2010
Shares of Streettracks Gold (NYSE: GLD) gapped higher on strong volume Tuesday, November 30 and in the process may have begun a new advance.
Shares reached a correction low on November 17 at $130.38, 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.
Tuesday’s close is only about two percent below GLD’s all-time closing high reached November 8 at $137.78.
The rally coincides with a rally in gold and silver bullion. A breakout above $137.78 would likely result in substantial gains in this emotional commodity ETF.
Fibtimer.com does not currently have a position in Streettracks Gold.
Disclosure: Fibtimer.com does not currently have a position in Streettracks Gold.