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BMR Morning Market Musings... - BullMarketRun.com

April 12, 2017

BMR Morning Market Musings…

Gold has traded between $1,271 and $1,279 so far today…as of 11:00 am Pacific, the yellow metal is down $2 an ounce at $1,273…Silver is off 5 cents at $18.27…Copper and Nickel have each slipped 6 pennies to $2.55 and $4.38, respectively…Crude Oil has retreated 25 cents to $53.15 while the U.S. Dollar Index has gained one-tenth of a point to 100.79

Gold’s “safe-haven” effect is clearly in play ahead of the Easter holiday with bullion also now enjoying some technical momentum following the long-awaited breakout above resistance in the $1,260’s…as analysts at UBS pointed out, Gold reactions to geopolitical risks tend to be volatile and headline-driven, which “could make it difficult to trade purely on the back of these factors”…nonetheless, it’s important to note that Gold has been in a new bull market for just over a year now and the recent Q4 slump which threw so many people off was merely a healthy correction within an overall bullish context…the Venture’s trading activity supports that contention…there are still many Gold skeptics at the moment and that’s a good thing…

Silver, meanwhile, is expected to mount a challenge to its February high of $18.54 with very important resistance immediately above that at $18.75

News reports state that Chinese President Xi Jinping told President Trump in a phone call yesterday that Beijing is willing to work with Washington on ending North Korea’s nuclear weapons program, but wants to do so through peaceful means…Xi told Trump that China insists on peace and stability on the Korean Peninsula in the wake of the deployment of the USS Carl Vinson to the area and the conducting of the biggest-ever U.S.-South Korea military drills…nothing like a little saber-rattling to get China’s attention…the call came after Trump warned in a pair of tweets yesterday, with the Navy strike force group steaming toward Korean waters, that North Korea “is looking for trouble” and vowed to get Kim Jong-Un’s regime under control with or without China’s help…

Meanwhile, Russia stepped up its rhetoric today against the Trump administration in the wake of last week’s U.S. missile attack on Syria, calling it “primitive” and “inconsistent” (what does that make Russia?)…this came as Secretary of State Rex Tillerson visited Moscow today with the top U.S. diplomat receiving a barrage of criticism from Russian officials, obviously intended particularly for domestic consumption/propaganda…Tillerson unexpectedly met with Russian President Vladimir Putin for 2 hours today, and now Tillerson is holding a news conference with Russian foreign minister Sergey Lavrov…

Venture 6-Month Daily Chart

Slowly but surely, the Venture has traversed through 4 levels of Fib. resistance from 799 to 824 over the last 20 sessions, and the low-to-mid 820’s is where new support should exist…a breakout above an ascending triangle also occurred when the Index pushed through the Fib. 816 level…

The ADX indicator confirms a weak bullish trend – momentum is lacking but any one of a number of potential catalysts could quickly change that…

Oil Update

Crude Oil is taking a breather today after 8 straight sessions of gains…traders found a good excuse to lock in some profits after the release of data that showed an unexpected drop in overall U.S. Crude inventories…however, the report also showed that stockpiles at the Cushing, Oklahoma, hub rose by 276,000 barrels while preliminary U.S. production estimates included in the weekly EIA report confirmed that domestic output continues to climb…

In Today’s Morning Musings….

1. HGU update as Gold producers show further upside potential…

2. Ideal time for another look at this high quality but beaten-down explorer at 12 cents…

3. The game plan for Gold Standard Ventures

4. Daniel’s Den Why did Nevsun cut its dividend?…the immediate affect of that, and the reason for it, can make you money…

Click here to receive, via email, BMR’s top picks in the northern Ontario Cobalt-Silver Camp… 

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1 Comment

  1. GOLD 1286$….GETTING CLOSER TO 1300$

    Comment by STEVEN1 — April 12, 2017 @ 5:46 pm

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