BullMarketRun.com

We are quickly approaching a critical juncture in the market…in terms of gold, what gives us comfort is that the HGD (the short Gold Index ETF) on the TSX is surging this morning ($5.30 as of 10:30 am Pacific time) and is within only about 35 cents of SEVERE resistance at its declining 200-day moving average of $5.65…the HGD is clearly in overbought territory from a technical perspective and this is no time to be chasing it…what this tells us is that we’re likely very close to a bottom in gold which is now off $13 to $1,084…the Venture Exchange is struggling this morning and is down 27 points to 1,507…a drop below the 1,500 level would be a concern, especially if it fails to hold at its 1,490 50-day moving average…the Venture has managed to stay at or above its 50-day since July of last year…