Mining Stocks Also Look Strong

04/30/2010 9:36 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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As I discussed yesterday, the technical action of the gold futures suggests an upside breakout. Platinum and palladium have already moved well above last year’s highs. iShares Silver Trust (SLV) looks ready to close the week strong and overcome the resistance just above $19. There is first support in the $16.50-$17.50 area. The Market Vectors Gold Miners ETF (GDX) has multi-year resistance in the $55 area and the OBV has turned up sharply this week. Support is at $42.50-$44.

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