Metals ETF Weekly Special Report For July 4, 2012

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 |  Includes: AG, AGQ, GDX, PHYS, PSLV
by: Patrick MontesDeOca

By Patrick MontesDeOca

With the metals sector breaking out last week to the upside from a relentless bearish correction that started in late February early March of 2012, let's take a look at some precious metals ETF's we are focusing currently and see what trading opportunities we can identify for the immediate future for week ending 6/29/2012 closing prices.

GDX - Market Vectors Gold Miners

  • The GDX (Market Vectors Gold Miners) ETF closed at 46.45 up 1.69 (3.78%). The 52 week Range is: 39.08 - 66.98
  • The market closing above the 9, 18, and 36 day MA's on a weekly basis, sets the stage for what could be a strong momentum rally coming up for the next few weeks.
  • With the market closing above the VC Weekly Price Momentum Indicator of 46.19, it has negated the bearish sentiment to bullish.
  • Look to take some profits if long as we reach 46.89 and 47.27 for next week.
  • Buy corrections to 45.82 and 45.12 levels to cover shorts and go long on a reversal stop. If long use the 45.12 levels as a SCO/GTC ( Stop Close Only and Good Till Canceled ).

PHYS - Sprott Physical Gold Trust ETV

  • The PHYS - Sprott Physical Gold Trust ETF closed at 13.99 up 0.23 (1.67%). The 52 week Range is: 13.03-16.86
  • The market closing above the 9, 18, and 36 day MA's on a weekly basis, sets the stage for what could be a strong momentum rally coming up for the next few weeks.
  • With the market closing above the VC Weekly Price Momentum Indicator of 13.91, it has negated the bearish sentiment and turned to bullish.
  • Look to take some profits if long as we reach 14.12 and 14.23 for next weekly period.
  • Buy corrections to 13.80 AND 13.59 levels to cover shorts and go long on a reversal stop. If long use the 13.59 levels as a SCO/GTC ( Stop Close Only and Good Till Canceled ).

PSLV -Sprott Physical Silver Trust ET

  • The PSLV - Sprott Physical Silver Trust ET closed at 11.99 up 0.36 (3.10%). The 52 week Range is: 11.00-21.83
  • The market closing above the 9, 18, and 36 day MA's on a weekly basis, sets the stage for what could be a strong momentum rally coming up for the next few weeks.
  • With the market closing above the VC Weekly Price Momentum Indicator of 11.73, it has negated the bearish sentiment and turned to bullish.
  • Look to take some profits if long as we reach 12.31 and 12.63 for next weekly period.
  • Buy corrections to 11.42 and 10.83 levels to cover shorts and go long on a reversal stop. If long use the 10.83 levels as a SCO/GTC ( Stop Close Only and Good Till Canceled).

First Majestic Silver Corp. (NYSE:AG)

  • The AG - First Majestic Silver Corp. closed at 15.50 up 0.88 (6.02%). The 52 week Range is: 12.12-25.56
  • The market closing above the 9, 18, and 36 day MA's on a weekly basis, sets the stage for what could be a strong momentum rally coming up for the next few weeks.
  • With the market closing above the VC Weekly Price Momentum Indicator of 14.14, it has negated the bearish sentiment and turned bullish.
  • Look to take some profits if long as we reach 15.90 and 16.27 for next weekly period.
  • Buy corrections to 14.77 and 14.01 levels to cover shorts and go long on a reversal stop. If long use the 14.01 levels as a SCO/GTC ( Stop Close Only and Good Till Canceled).

AGQ - ProShares Ultra Silver

  • The AGQ - ProShares Ultra Silver closed at 40.50 up 2.26 (5.91%). The 52 week Range is: 34.45-127.08
  • The market closing above the 9, 18, and 36 day MA's on a weekly basis, sets the stage for what could be a strong momentum rally coming up for the next few weeks.
  • With the market closing above the VC Weekly Price Momentum Indicator of 39.71, it has negated the bearish sentiment and turned bullish.
  • Look to take some profits if long as we reach 41.66 and 42.80 for next weekly period.
  • Buy corrections to 38.57 and 36.62 levels to cover shorts and go long on a reversal stop. If long use the 36.62 levels as a SCO/GTC ( Stop Close Only and Good Till Canceled).

Disclosure: I am long AGQ, PSLV, AG, GDX, PHYS. Precious metals products trading involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results.