BullMarketRun.com

Gold’s chopiness continues…Gold has traded in a range of $1,180 to $1,199 so far today…as of 7:30 am Pacific time, Gold is off $7 an ounce to $1,182 near the low of the day…the price should get support on weakness from physical buyers…traders and dealers say the recent correction in prices has pushed up sales this month…India, which accounts for more than 20 percent of global demand, will celebrate the Hindu festival of Raksha Bandhan on August 24 and Janmasthami and Ganesh Chaturthi in September…India is the world’s largest consumer of bullion and may import 500-550 tonnes of gold in 2010, up from 480-490 tonnes a year earlier…a period of seasonal strength is just around the corner for Gold which should also give the CDNX a boost…the CDNX is up another 2 points this morning to 1397…the Venture is facing some technical resistance around current levels so it’ll be interesting to see how it performs this week…our outlook is bullish…Gold Bullion Development (GBB, TSX-V) is showing some strength this morning…it gapped up slightly to 51 cents (where it’s trading at now, a gain of 2 pennies) and got as high as 53 cents where there is some minor resistance…as detailed by our technical analyst last night, GBB chart patterns are looking similar to those of early-to-mid May, prior to the start of a major run that took the stock from 35 cents to a high of 71 cents over a period of about 6 weeks…from a fundamental perspective, we have every reason to be optimistic given Gold Bullion’s July 13 news release…the east-northeast area, which is a big driver of GBB’s blue sky potential, appears to be shaping up very well…if the assays confirm the visuals, then it’s off to the races…Sidon International (SD, TSX-V) is down half a penny to 11.5 cents…Sidon continues to digest its big recent gains and consolidate which is actually a healthy thing from a technical standpoint…Richfield Ventures (RVC, TSX-V) reported good drill results this morning from its Blackwater Gold project and the stock has responded accordingly…Richfield has broken through important resistance at $1.35 (its 200-day moving average) and is currently up a dime to $1.40…it got as high as $1.59 in early trading…results included 260 metres grading 1.57 g/t Au (including a high grade intersection of 32 metres of 5.46 g/t Au)…198 metres of 0.88 g/t Au…and 227 metres grading 1.51 g/t Au (including a 66 metre section of 3.65 g/t Au)…results demonstrate continuity of grade and expand the size of the mineralized area, enlarging it to the east and south from the Dave zone…after falling as low as 90 cents this month, Richfield is back on track and has regained momentum…it is clearly developing what could become a world class bulk tonnage deposit in central British Columbia…