- Technical Market Commentary -

October 8, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — Shares of Streettracks Gold (AMEX: GLD) have suffered a bearish outside reversal. Shares of this widely traded ETF have risen almost non-stop since early August. When GLD reached the $130 level it was at strong resistance but seemed to fly by it on Tuesday and Wednesday of this week.

After strong gains in early trading on Thursday, October 7, GLD reversed and sold-off hard, closing near its lows and doing so on almost double its normal daily volume.

Bearish outside reversal days are almost always followed by more declines. In the case of GLD those declines could be fast. Then again, GLD is so volatile it could again rally. We are, however, looking for downside in coming trading days.

If GLD closes below $128, it will confirm the reversal.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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