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Streettracks Gold (NYSE: GLD) Breaks Out?

|Includes: SPDR Gold Trust ETF (GLD)

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.