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Igniting Gold and Silver Stock GDX, SLV ETFs

Commodities / Gold & Silver Stocks May 24, 2009 - 01:27 PM GMT

By: Mike_Paulenoff

Commodities

Best Financial Markets Analysis ArticleThe Market Vectors Gold Miners ETF (NYSE: GDX) hit my initial upside trading target zone of 42.50 in the aftermath of its upside breakout from 39.00/55 mid-week. The GDX has confirmed its breakout from a multi-month base pattern, which has optimal (non-specific timeframe) projections into the 53.00-55.00 target zone. From a near-term perspective, the next target is 45.00. If one of the patented downside swoons occurs, the GDX should hold support at 40.00-39.50 ahead of the next significant upside pivot reversal.


The iShares Silver Trust (NYSE: SLV) gapped up on Friday after Thursday¹s powerful key upside reversal session that initiated a new upmove within the dominent upleg off of the April 17 low at 11.64. The pattern from the April 17 upside pivot argues for still more strength into the 14.80-15.00 target zone.

Apart from the SLV technicals, the ³wild card² could very well be the dollar, which conservatively points to 1.4100 from its current level of 1.400/05, but has measured projections to 1.4500-1.4600. If the dollar continues to weaken and enters a disorderly stage of near-panic selling pressure, then who knows what kind of combustion could ignite under silver (and gold) prices?

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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