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The No 1 Gold Stock for 2019

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

Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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