The scenario we laid out with Gold last month appears to have been bang-on, and the yellow metal is now trading above the important $1,200 level…Gold is up $14 an ounce to $1,209 as of 8:30 am Pacific…we’ll see if it can hold these gains today and perhaps surge even a little higher…near-term technical momentum has swung in favor of the bulls…the U.S. Dollar is down sharply, over half a cent to just above 80 on the Index…the CDNX is flat at 1459 and appears destined to challenge resistance around 1500 in the near future…the potential for a huge move to the upside in the CDNX over the next few months clearly exists – the trigger for that will be a decisive move on strong volume through the rising 200-day SMA at 1500 and through the declining 100-day SMA just slightly above that…we also have to look for a reversal to the upside in both the 50 and 100-day moving averages…BMR’s technical analyst will take a detailed look at the CDNX over the weekend…any pullback or near-term weakness in the CDNX should be embraced…Gold Bullion Development (GBB, TSX-V) is off a penny to 56 cents…the stock appears to be locked in a tight range between 55 and 59 cents…we’ve clearly stated our case for a major discovery in the LONG Bars Zone eastern extension which will add significantly to the 2.4 to 2.6 million ounces already outlined as a potential non-compliant resource within the Preliminary Block Model…now we wait for the first results from the east which can’t be far off…another potential world class bulk tonnage deposit is being developed in central British Columbia by Richfield Ventures (RVC, TSX-V) which continues to climb…Richfield is up another 13 cents this morning to $1.70…this is a stock that tends to see a lot of extremes in terms of getting overbought or oversold…it’s currently overbought but has broken through important resistance at $1.60 this morning…Sidon International (SD, TSX-V) is steady at 14.5 cents and its overbought condition has been unwinding lately…
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