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BMR Morning Market Musings... - BullMarketRun.com

March 20, 2017

BMR Morning Market Musings…

Gold has traded between $1,230 and $1,236 so far today…as of 11:15 am Pacific, the yellow metal is up $5 an ounce at $1,234…Silver is 4 cents higher at $17.41…Copper is flat at $2.66…Nickel is off slightly at $4.61…Crude Oil has dipped 43 cents to $48.35 while the U.S. Dollar Index has gained one-tenth of a point to 100.41

A major decline in net-long positions by large speculators in the week ending March 14, just a day before the Fed statement, is additional evidence that Gold prices found a bottom just below $1,200 an ounce…nearest key resistance is $1,235

Interestingly, the Gold Volatility Index, which measures implied volatility calculated through call and put options, is trading at historically extreme lows…prepare for an upside surprise!…

Holdings of SPDR Gold, the world’s largest Gold-backed exchange-traded fund, fell 0.35% to 834.10 tons Friday…

Silver Update

Silver backed off abruptly from its late February high around $18.50, not surprising as that was just below resistance pointed out by John on the short-term chart following an almost non-stop run from a low of $15.70 in late December…

Note the inverted head-and-shoulders bottom late last year/early this year…

We indicated a week ago that where Silver needed to hold price support was somewhere between $17.25 and $16.50, and indeed that is what has occurred…RSI(14) has bounced off its traditional support at 30%…

Next challenge for Silver is to conquer its 50-day SMA at $17.45

Outlook has to be considered bullish…

In Today’s Morning Musings

1. Two highly attractive Gold juniors with emerging multi-million ounce deposits…

2. Canadian Zeolite (CNZ, TSX-V) takes action to ramp up sales…

3. Updates on BLO, BEX, CDG and CNX

4. Daniel’s Den Apple, “Augmented Reality” and what it means for YOU and Kopin

Click here to receive, via email, BMR’s “Who’s Who” List of the Greater Cobalt Camp – the top dozen or so companies active in the district.

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    Comment by STEVEN1 — March 21, 2017 @ 6:52 am

  2. Gold needs to conquer that resistance around $1,235, then it’s off to the races, Steven1…

    Comment by Jon - BMR — March 21, 2017 @ 7:12 am

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