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Gold is off slightly this morning…as of 4:40 am Pacific, the yellow metal is down $4 an ounce at $1,718…Silver has lost 28 cents to $33.44…Copper is flat at $3.82…Crude Oil has gained 51 cents to $101.42 while the U.S. Dollar Index has slipped one-tenth of a point to 79.06…

Moody’s put the United Kingdom, France and Austria on negative outlook last night, raising the prospect that the three countries would lose their triple- A ratings due to exposure to the the euro zone debt crisis…it’s the first time that the heavily indebted UK has been placed on negative credit outlook by a big rating agency since the euro zone crisis erupted…the warning by Moody’s that it may cut the triple-A ratings of two of the euro zone’s largest countries, France and the UK, has been met with resignation by analysts and economists…George Osborne, the UK chancellor, said the move supported the government’s tough austerity measures and was “a reality check for anyone who thinks Britain can duck confronting its debts”…

The Bank of Japan has eased its policy by boosting asset purchases and defined 1% consumer inflation as a near-term goal in response to growing calls for more action to help the economy mired in deflation and weighed down by a strong yen…in a move that surprised markets, the central bank added 10 trillion yen ($130 billion) to its asset buying and lending scheme, under which it buys government and private debt and lends cheap funds against various types of collateral…the $130 billion will be for purchases of long-term government bonds…

Stock index futures as of 4:40 am Pacific suggest a flat open this morning in New York…European markets are quiet and there was little movement in Asian markets overnight…

The TSX Venture Exchange declined 4 points yesterday to 1649…the Venture’s overbought daily technical condition has started to unwind, which is positive, and a retracement to the 1625 area is certainly very possible…this market is underpinned by strong support, so any pullback would present an excellent accumulation opportunity in advance of what we believe will be a powerful breakout through resistance around 1675 within the next few weeks…below 1625 there is excellent support near 1575 which is the Fibonacci 61.8% level as highlighted by John in Sunday’s chart…we’re very comfortable with this market right now and the direction it’s headed – the chart is undeniably bullish…

Arian Silver (AGQ, TSX-V)

After hitting a 2012 high of 39 cents early this month, Arian Silver has staged a normal retracement and closed yesterday at 32.5 cents…the downside from current levels appears very limited for a few reasons…first, Fibonacci support is at 29 cents and 31 cents…in addition, the now-rising 50-day moving average (SMA) is at 29 cents while the 100-day SMA at 31 cents has flattened out and will likely turn to the upside in the near future…so the overall technical posture of this stock at the moment is very positive despite the fact it hasn’t posted a daily gain since February 6…if you believe in Silver as we do, Arian is a nice overlooked play as the company is producing at its San Jose Mine in Mexico and developing a growing resource…below is John’s updated AGQ chart…

Note: John, Jon and Terry do not hold positions in AGQ.

Adventure Gold (AGE, TSX-V)

Adventure Gold is one of our long-standing favorites due to its strong management and quality portfolio of properties in Quebec and Ontario…the company’s Pascalis-Colombiere Gold Property near Val-d’Or intrigues us the most and developments there are being watched closely by Richmont Mines (RIC, TSX) which operates the Beaufor Mine immediately adjacent to Pascalis…below is a very interesting 3-year monthly AGE chart from John that shows how this stock is sitting right now in what we call the “sweet spot“…this is as close to a perfect entry point in a stock as one could ask for based on this chart (and the fundamentals which we know are strong with AGE)…

Note: John, Jon and Terry do not hold positions in AGE.

Corvus Gold Inc. (KOR, TSX)

A new play we’d like to bring to our readers’ attention is Corvus Gold (KOR, TSX) which has advanced projects in Alaska and Nevada, three of which have NI-43-101 compliant indicated and inferred resources…yesterday, KOR jumped 8 cents to 84 cents on nearly 500,000 shares after providing an exploration update on its North Bullfrog Project in Nevada including encouraging assay results from a major step-out hole…the company encountered near-surface mineralization in NB-12-117 (an intercept of 15.3 metres grading 2.36 g/t Au) which was drilled several hundred metres west of the current boundary of the Sierra Blanca resource…the hole confirmed historical drilling and it is possible the mineralization could be related to the deposit at Sierra Blanca…drilling continues at North Bullfrog and the company has also doubled the size of its land package there (to 50 square kilometres) with new staking that covers potential extensions of the North Bullfrog Gold system…KOR has just 42 million shares outstanding for a current market cap of $35 million…technically, the stock is up against a resistance band between 84 and 90 cents but that wall is likely to come down, if not immediately then over the short to medium term..patient investors have an opportunity to do very well with KOR…as always, perform your own due diligence…

Note: John, Jon and Terry do not hold positions in KOR.