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Gold has traded in a range between $1,621 and $1,636 so far today…as of 5:35 am Pacific, the yellow metal is up $7 an ounce at $1,630…a key level to watch on Gold is the June high of $1,642…a move through that area would give bulls fresh momentum…Silver is up 17 cents at $28.81…Copper is 3 pennies higher at $3.39…Crude Oil is up 18 cents at $84.09 while the U.S. Dollar Index is off slightly at 81.83…

Printing Presses Ready To Be Fired Up

The European Central Bank is on standby to keep banks flush with liquidity if Greece creates fresh financial market turmoil, its president has indicated, joining a global chorus of central bankers pledging support ahead of Sunday’s elections in Greece…Mario Draghi’s comments this morning followed the announcement by the UK’s central bank of plans to pump 100 billion euros into the ailing British economy, hinting at a co-ordinated strategy by the world’s top central bankers…of course the Fed meets next week when it’s quite possible Ben Bernanke may pull the trigger on new measures to help kick-start the U.S. economy…more downbeat U.S. economic data came out yesterday…

Today’s Markets

Asian markets were positive overnight while European shares are showing strength this morning…U.S. stock index futures are up slightly as of 5:35 am Pacific…the Venture Exchange closed up 8 points yesterday to 1252, and all indications are in our view that the May 16 low of 1215 will hold…

We’re also seeing bullish signs in the CRB Index which is often a good indicator of the direction of the CDNX…below is John’s updated CRB chart…notice the “cliff dive” and how oversold the CRB became last month…at the very least, a rebound is underway…

VIX Update

In a chart last month, John showed how the “Volatility Index” might top out in the upper 20’s and that’s exactly what appears to have happened – additional evidence that we saw an important low in the markets last month…below is an updated VIX chart with an almost completed a head and shoulders pattern…

Crude Oil

Another market to watch closely of course is Crude Oil which has been under a lot of pressure over the last couple of months, in part we believe because the screws are being put to Iran…John’;s 10-year monthly chart below is quite interesting and tells us there’s a good chance Crude has been putting in an important bottom at a support line just above $80 a barrel…

Argex Mining (RGX, TSX-V)

The chart these days is looking solid for Argex Mining (RGX, TSX-V), which announced an important breakthrough this week regarding its iron recovery circuit for its patented CTL process (high-purity titanium oxide)…the stock closed yesterday at 74 cents, up 4 cents, and attempted to break out of a 6-week horizontal channel…as always, perform your own due diligence but RGX is looking bullish at the moment from a technical point of view after consolidating following its April high of $1.25…

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