TSX Venture Exchange and Gold
The Venture once again traded in a narrow range last week, from a low of 706 Wednesday to an intra-day high of 716 Friday as Gold rocketed above $1,300 an ounce on a historic decision by the UK to reclaim its sovereignty by pressing the escape button out of the EU circus.
Bravo, Brits – their vote was one of no confidence in the nameless, faceless, unelected bureaucratic elites running the EU who will now have one less country to screw up through a redistributive, dysfunctional model wrapped in red tape that has suffocated growth and innovation across the entire bloc. In addition, the EU has proven itself to be an abysmal failure on key issues such as immigration (dangerously out of control) and the war against radical Islamic terrorism. How long will it take for France and Italy and others to wake up?
The Venture would have fared much better yesterday if it weren’t for steep losses on the broader markets including a 610-point decline on the Dow. Investors will see the wisdom of the Brits’ decision in due course, but a higher degree of global uncertainty is an immediate product of the UK vote. A big jump in the U.S. dollar Friday also restrained the Venture. For the week, the Venture finished down 4 points at 711 but it has remained above the 700 level for 15 consecutive sessions. We’ll discuss the significance of that in this report.
In today’s Week In Review And A Look Ahead…
1. A Venture short-term chart with many clues…
2. Gold’s next measured Fib. resistance after $1,320 – you’ll like it!…
3. What’s Gold’s best quarter of the year going back 2 decades?…
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