April 23, 2010
Gold is powering higher mid-day and so too is the CDNX which made an important reversal yesterday after touching its rising 20-day moving average of 1632…Gold is up $13 an ounce to $1,154 as of 8:50 am Pacific time while the CDNX is now at 1660, an 8-point increase on the day after dropping as low as 1632 yesterday…from a technical standpoint it appears the CDNX is now going to take a run at its recent 52-week high of 1691…this bodes very well for Gold Bullion Development (GBB, TSX-V) which is going to be a leader in this market…GBB has traded a whopping 6 million+ shares this morning and is currently up 4 cents to 40 cents…a close above 42 cents today, or in the very near future, is going to raise GBB’s next price target level to the 60 cent area according to BMR’s technical analyst…
