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Gold fell as low as $1,670 within the last hour but has clawed its way back to $1,676 as of 6:10 am Pacific for a loss of just $1 an ounce for the day…Silver is 7 cents lower at $32.92…Copper is flat at $3.92…Crude Oil is 60 cents lower at $104.63 while the U.S. Dollar Index is up modestly at 78.91…

Traders will be looking later on today (11 am Pacific) a the minutes of the Federal Reserve’s most recent policy meeting for any guidance about what might be next on the table….as of 6:00 am Pacific, U.S. stock index futures are down slightly after yesterday’s multi-year highs…

We’re seeing positive technical signs in both the TSX Venture Exchange and the TSX Gold Index…the Venture, which has been showing strong support at an important Fibonacci retracement level around 1550, closed up 3 points yesterday to 1570…the TSX Gold Index, meanwhile, is emerging from a significant sell-off and has posted gains in each of the past three sessions…it closed yesterday at 340 with the next immediate target being a resistance band as shown in John’s chart below…recent intense selling pressure is abating with bargain hunters stepping in…

Gold Bullion Development (GBB, TSX-V)

Gold Bullion finally released its first NI-43-101 resource estimate for its Granada Gold Property…the stock responded favorably yesterday with a gain of a penny-and-a-half to 18 cents…the turnaround with GBB likely won’t be swift, especially considering the company has to raise more money, but the recent 11-cent low has got to be considered the bottom, so the recovery phase is underway…only 70% of the holes drilled to date by GBB were used in the resource calculation…given the fact also that the Granada deposit remains open in all directions, laterally and at depth, the possibility of a multi-million ounce deposit remains very much intact with a potential strike length of more than 10 kilometres…whether GBB is the best company to advance this project to the next level is questionable…Granada is all about volume and that means a massive amount of drilling, a large exploration budget and the right personnel to make that happen…if a larger company sees the potential of Granada through this 43-101,  then certainly a takeover would be a distinct possibility…

Spanish Mountain Gold (SPA, TSX-V)

Spanish Mountain is developing a low-grade deposit of its own in British Columbia…the company has been more efficient on the ground than Gold Bullion but it’s never easy developing a Gold deposit…SPA has seen its stock price drop in half from late last year for no obvious reason other than general market sentiment…interestingly, support for SPA appears to be holding at the 1,000-day moving average (SMA) which is beginning to flatten out and could reverse to the upside at some point this year…below is an updated chart from John on SPA which, like GBB, remains on our “Watch List”…RSI(14) appears to have bottomed out on this 2.5-eyar weekly chart produced after last Friday’s close…SPA closed yesterday at 47 cents…

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

Antioquia Gold (AGD, TSX-V)

Yesterday, we pointed out a promising play in GreenLight Resources (GR, TSX-V)…today, we suggest investors perform their due diligence on Antioquia Gold (AGD, TSX-V) which has a promising Gold project (Cisneros) in Colombia, approximately 55 kilometres northeast of Medelin in the general vicinity of AngloGold Ashanti and B2Gold’s Gramalote Project…Cisneros is a multiple deposit scenario, and AGD holds a unique advantage in the fact that it has a strong financial partner in a privately-held company (Desafio) which is Peru’s second-largest underground producer…Desafio holds 35% of AGD and is the exploration arm of another privately-held Peruvian company, Conscorcio Minero Horizonte…these companies bring many years of experience in the exploration, development and operation of underground vein deposits like Cisneros…Antioquia’s share price suffered during last month’s market weakness and AGD fell to an all-time low of 7.5 cents where their appeared to be capitulation…it closed yesterday at 9.5 cents for a market cap of just under $10 million which makes this very interesting based on the exploration potential…two deposits have already been discovered at Cisneros but no NI-43-101 resource estimate has been provided yet…the company is planning on drilling another 20,000 metres this year in an effort to build on known mineralized zones and identify new potential deposits over the 5,600 hectare land package which contains up to 60 artisnal Gold mines…below is John’s technical perspective on AGD in a 3.5-year weekly chart..this is a great bottom-fishing opportunity in our view…

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

Wildcat Silver (WS, TSX) and Volta Resources (VTR, TSX) Chart Updates

Wildcat Silver

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

Volta Resources

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