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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.

Source: Metals ETF Weekly Special Report For July 4, 2012