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BMR Morning Market Musings... - BullMarketRun.com

April 17, 2017

BMR Morning Market Musings…

Gold has traded between $1,285 and $1,293 so far today…as of 11:30 am Pacific, the yellow metal is down $1 an ounce at $1,287…Silver is off 4 cents at $18.47…Copper has added 3 pennies to $2.57…Nickel is up a penny at $4.41…Crude Oil has retreated 46 cents to $52.76 while the U.S. Dollar Index has slipped another one-third of a point to 100.15

Going into Easter, Gold posted its biggest weekly gain since June of last year with an advance of $33 an ounce or 2.6%…expectations seem to be restrained, however, as sentiment among investors is far from overly frothy at the moment…of course that sets up the possibility for a surprise to the upside where Gold could robustly push past resistance at $1,300…historically, April has been one of the best months of the year for bullion and April 2017 has proven to be no exception so far…this last half of the month certainly carries the potential for more geopolitical flare-ups while Presidential elections in France this coming Sunday and a return of the U.S. debt ceiling debate also loom large…

Vice President Mike Pence says the “era of strategic patience” with North Korea is over…Pence made the comments on the border between North and South Korea yesterday, just hours after North Korea’s failed missile test which some are speculating may have been disrupted by a secretive U.S. program of cyber and electronic warfare designed to sabotage launches…if so, that’s another victory for the U.S. military after a flawless strike against a Syrian air base and the unleashing of the Mother of all Bombs that obliterated about 100 ISIS terrorists and a network of underground tunnels in Afghanistan…

Gold Poised For More Gains

The short-term (9-month) chart for Gold in U.S. dollars shows RSI(14) pushing above 70% for the 1st time during that span…this suggests that momentum is on the upswing, so shorts ought to be exceedingly careful right now…

Gold In Canadian Dollars

Another fascinating chart from John that gives us great confidence Gold is in the midst of a run that will take it to almost $1,900 CDN (~$1,400 U.S.)…

This 2.5-year weekly chart has been amazingly accurate…

Look how the metal last December once again touched uptrend support at $1,499 with a turnaround beginning immediately at that point…

The previous move off the uptrend line in late 2015 took Gold up 25.5% to $1,752 in just over 2 months, while the increase after 8 months was 30%…the pattern lends additional credence to the view that Gold will test measured Fib. resistance at $1,880 CDN during 2017….

Buy pressure is increasing rapidly, now at its highest levels in 2 years…this suggests the U.S. dollar may encounter some weakness but one thing’s for sure – Gold’s climb this year has quite a bit further to go when viewed in the context of the Canadian dollar…

Gold 2.5-Year Weekly Chart In $CDN

Crude Oil Update

Who to believe?…

The Energy Information Administration (EIA) says global Crude inventories fell by a rate of 200,000 barrels a day during the 1st quarter of this year…

Meanwhile, OPEC paints a much less optimistic picture…it shows global Oil inventories increased by 430,000 barrels a day during Q1

The outlook for the current quarter is no clearer…the IEA sees further progress with demand for OPEC Oil running about 1 million barrels a day ahead of production…but OPEC sees a world with supply still running ahead of demand which will add about 280,000 barrels a day to inventories…

If this has you confused, there is one thing they both agree on – things will change in the 2nd half of the year…inventories could be drawn down at a rate of about 1.2 million barrels a day in the 3rd quarter if OPEC’s 6-month cut is extended, as seems likely…extending those cuts will be more painful for producers than it is now, however, as many of them (within and outside OPEC) have brought forward planned maintenance (which involves shutting production) to help reach their targets…they won’t be able to repeat that trick later in the year…

John’s Crude Oil charts have proven to be more consistent than the information coming from the IEA and OPEC…the technicals are showing a continuing bull market that should intensify as the year progresses, leading to a high of around $70 a barrel…

In Today’s Morning Musings….

1. Barkerville (BGM, TSX-V) makes another leap on more drill results from Cariboo…

2. Getting in ahead of the action on a 6-5-cent Gold stock…

3. Silver’s immediate challenge…

4. Daniel’s Den Investors are missing the Midas Touch!… 

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13 Comments

  1. Where is next resistance for BGM?

    Comment by Sameer — April 17, 2017 @ 11:53 am

  2. GGI – sell pressure all day. Like I said before, what is it going to take to lite the fire on this thing.

    Comment by dave — April 17, 2017 @ 1:19 pm

  3. Maybe the ggi chart will look like BGMs in a months time? Or better yet, maybe ggi market value in the summer will be like bgm is today- $350 million? One can dream…

    Comment by johnz — April 17, 2017 @ 5:19 pm

  4. Sameer…the next Measured FIB. Resis. is at 1.28.

    Comment by John - BMR — April 17, 2017 @ 5:50 pm

  5. Thanks John…nice strong close on high volume

    Comment by Sameer — April 17, 2017 @ 7:04 pm

  6. Ggi-it needs a promo. They have the story and the property and the experts. They need to get the word out and get a buzz around what they have. Not sure how much we will get simply with makela sitting on the board- it only gets you so far

    Comment by johnz — April 17, 2017 @ 9:33 pm

  7. GGI
    no follow thru as usual…no one trust Regoci is the problem..GGI is going to have to hit it big at the E&L for it to take off… was also hoping to see CSR break thru 30 cents, but again just more disappointment… oh well more patience required, while I sit and watch companies I don’t own shoot up 20 cents in one day… do I sound frustrated, lol I am…

    Comment by GREGH — April 17, 2017 @ 9:34 pm

  8. Wasn’t Ggm PFS based on $1400 Cdn Gold ?

    Comment by donald — April 18, 2017 @ 12:19 am

  9. SRJ joining the BGM area play developing!

    Comment by STEVEN1 — April 18, 2017 @ 6:47 am

  10. I mentioned COR last June. It is payday today.

    Comment by dave — April 18, 2017 @ 6:56 am

  11. JOn – Timmins gold changing name and doing a share consolidation.. most times the consolidation is bad…
    in this case it may be good… whats your thoughts mate???

    Comment by Jeremy — April 18, 2017 @ 7:25 am

  12. Yes, right up James Nelson’s alley, Steven1…

    Comment by Jon - BMR — April 18, 2017 @ 7:38 am

  13. CLE just joined areaplay of BGM too.

    Comment by STEVEN1 — April 18, 2017 @ 10:40 am

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