Gold has traded between $1,265 and $1,269 on a light trading day due to holidays in the U.S., the UK and China…as of 11:00 am Pacific, Gold is up $1 an ounce at $1,267…trading tomorrow and Wednesday will determine whether or not there has been a confirmed breakout in bullion above key resistance at $1,260, but the odds do favor higher prices in June given the metal’s current technical posture…it’s also significant how Gold and the Japanese Yen are rising in tandem…Silver is up 6 cents at $17.37…Copper is off slightly at $2.56…Nickel has added 2 pennies to $2.10…Crude Oil is 19 cents higher at $49.99 while the U.S. Dollar Index is flat at 97.41…
A potential near-term catalyst for further gains in Crude could be U.S. inventory data on Thursday, delayed a day this week because of the Memorial Day holiday…U.S. weekly Oil inventories have fallen for over a month and that’s a good sign for investors looking for indications that the market is rebalancing after years of surplus production…
A big question is how long OPEC will be able to maintain its high level of discipline with the production cuts, but the Saudis appear determined to ensure that Oil’s price bias remains to the upside…
As if there aren’t enough security concerns around the world, the black flag of ISIS has been raised in the Philippines…media reports say at least 103 people have died in the city of Marawi on the southern island of Mindanao in less than a week as fighters affiliated with ISIS engaged in violent clashes with government forces, and martial law was declared over the entire island…the influence of ISIS has spread throughout Southeast Asia in recent years, with more than 60 groups in the region pledging allegiance to self-declared caliph Abu Bakr al-Baghdadi, according to the Singapore-based International Centre for Political Violence and Terrorism Research (ICPVTR)…
Venture-Gold-Silver-Copper-Oil Comparative
Good sign – the Venture continues to outpace Gold, Silver, Copper and Crude Oil with a gain of 10% over the last 6 months vs. smaller advances in WTIC, Gold and Silver and a minor decline in Copper…
During a bull market the Venture will always lead commodities to the upside…this trend will likely accelerate in favor of the Venture during the 2nd half of the year…
Venture 16-Year Monthly Chart
Nervous nellies (typically crowd followers) who aren’t sure about the Venture’s direction really need to study this chart in detail…
The breakout above the long-term downsloping channel in early 2016 was confirmation that a new bull market had started…note the extreme oversold RSI(14) conditions that preceded this, at the bottom of the bear market, and the reversal to the upside in the 300-day moving average (SMA) that accompanied the breakout above the downsloping channel…
Historically, the rising 300-day acts as major support during bull markets as it did from 2003 through mid-2007, and again during 2010…earlier this month, the Venture landed within just 20 points of its 300-day when it touched a post-Easter correction low of 772…
Buy pressure is steady, the ADX indicator confirms a bullish trend, and RSI(14) at 56% is now trying to push above a downtrend line in place for more than a decade…
The Venture is perfectly positioned for a major new advance during the remaining 7 months of 2017…
In today’s Morning Musings…
1. Jaxon hits new multi-year high…
2. A $4 million market cap Gold play with high-grade and a rapidly improving balance sheet…
3. Silver will sizzle during the 2nd half of 2017…
4. Two non-resource plays that look very attractive on pullbacks…
5. Daniel’s Den – observations from the Metal Writers Conference in Vancouver…
Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMR Top 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
We also give first-time subscribers an industry-leading 100% money-back satisfaction guarantee. If you don’t believe BMR has helped you make money for your first 6-month subscription period, we’ll refund your subscription fee in full – no questions asked!
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