Higher Highs Ahead for Streettracks Gold (NYSE: GLD) November 19, 2009
Shares of Streettracks Gold (NYSE: GLD) have pushed above resistance at $109.04 and closed at $112.25 on Wednesday, November 18.
As chartists, we look to the next resistance level as the potential target when a resistance level has been decisively surpassed.
In the case of Streettracks Gold, many resistance levels have fallen by the wayside in the last few months and the potential for continued emotional highs, or even an emotional retracement, is always present.
But based on the current daily chart for Streettracks Gold, we see the target for this rally up at $119.98, about 6.9% higher than Wednesday’s close.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy holds a position in Streettracks Gold.