Today is BMR’s first full day on the ground in the burgeoning northern Ontario Cobalt Camp as we prepare for some fascinating coverage of this exciting area in the days ahead. ”This is a bona fide Cobalt rush,” one respected and independent veteran observer told us last night. “We’ve never seen this kind of ‘buzz’ in this district for at least 30 years.”
As of 6:45 am Eastern, Gold is up $3 an ounce at $1,236 – watch for the possibility of an important near-term breakout above a resistance band that has been keeping bullion constrained recently between $1,215 and $1,235.
The Venture scored its 10th winning session out of 12 yesterday, adding 3 more points to close at 838 as the Index draws closer to reaching last year’s 848 high set August 11 prior to the start of a 4-and-a-half month correction.
This time, given seasonality and other bullish factors, there appears to be little to prevent the Venture from pushing beyond 848 to levels not seen since October 2014 and taking a quick run toward the beginning of a resistance band around 900.
Note how the EMA(8), currently at about 830, has been the Venture’s supporting moving average since this fresh uptrend started in late December (typical during periods of a strong bull market). Buy pressure is solid while RSI(14) can remain in technically overbought conditions (70% or higher) for a while yet based on historical patterns.
Meanwhile, the backdrop for the Venture couldn’t be better with firmness across the broad commodity sector while global stocks have pushed to new highs, outdoing previous records set in 2015. Wall Street has scored its longest record-making streak since George H. W. Bush held the White House.
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