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Gold has traded in a narrow range so far today between $1,503 and $1,511 an ounce…as of 6:00 am Pacific (we’re posting early today due to travel), the yellow metal is unchanged at $1,507…Silver, which showed buying exhaustion Monday after reaching an intra-day high of $49.92 – less than $1 shy of the 1980 record price – followed by a sharp reversal, is off 11 cents at $45.49…expect traders and investors to “buy the dips” in Silver so any near-term drop below major technical support around $40 seems unlikely…Silver’s 50-day SMA is sitting at $37…crude oil is essentially unchanged at $112.17 while the U.S. Dollar Index is one-quarter of a point firmer at 73.78…all eyes today of course will be on Fed Chairman Ben Bernanke who delivers a first-ever media briefing at 11:15 am Pacific following the Fed policy statement, after two days of FMOC meetings, at 9:30 am Pacific…the media briefing is a watershed moment and markets will be glued to Bernanke’s every word…he will no doubt gauge the market’s reaction to the policy statement to see if they “got it right” and then fashion his comments accordingly during the media briefing…our guess, and that’s all it is, is that Bernanke will continue to play down inflationary threats while emphasizing how fragile the economic recovery still is in the United States despite some recent signs of encouragement including this morning’s strong durable goods number…while the Fed’s current quantitative easing program is scheduled to end in June (we’re certain a new form of QE, QE3, is just around the corner), Bernanke may find a way to stickhandle handle around that to give the Fed some “wiggle room”…in otherwords, given unemployment issues, a housing crisis that almost everyone agrees is going to get worse before it gets better, and major debt problems in the United States that will require unprecedented austerity measures, the Fed will want to hammer home the point that it will maintain a very accommodating monetary policy for the foreseeable future…QE2 is schedule to end in June, but, but, but…it should all come out in the wash as market-friendly…with just three trading days left in the month, the CDNX is hoping for a rebound after declining in nine sessions out of the past 11…yesterday’s close of 2233 puts the CDNX just 12 points above last week’s low and 33 points above strong technical support at 2200…the market is trading in a band between 2200 and 2300 as John outlined last week…failure of support at 2200 would likely mean a test of support at 2100…while the months of May and June were not kind to the CDNX last year, it’s possible we could see some opposite action this time around…March and April last year were very strong but this year we’ve seen corrections of 17% and 7.5% respectively…a couple of companies reported outstanding assay results yesterday and will be interesting to watch today…Colossus Minerals (CSI, TSX-V) intersected two high-grade subzones in the central mineralized zone of its Serra Pelada Project in Brazil including 7.3 metres grading 1,497.7 g/t Au, 516.6 g/t platinum and 558.9 g/t paladium…the news came out early during yesterday’s trading session and CSI finished up 57 cents at $8.81…meanwhile, Golden Predator (GPD, TSX-V) released its final winter drilling results from its Brewery Creek Project in the Yukon and they included an impressive 74 metres grading 7.08 g/t Au in the Bohemian zone…the winter program produced significant mineralization in 24 out of 25 holes…a new drill program commences next month…GPD, which has a great looking chart, closed 15 cents higher yesterday at $1.20 on CDNX volume of 3.6 million shares…it climbed as high as $1.38…good opportunities could be opening up in some Silver plays we’ve been tracking…Great Panther Silver (GPR, TSX) has had seven consecutive losing sessions and is looking for a bottom which could be somewhere between $2.75 and $3.00 given support levels on the stock…the long-term uptrend remains intact with GPR despite the 38% correction, a normal pullback, from the $4.90 early March high…some other Silver plays to keep an eye on are Orko Silver (OK, TSX-V), Levon Resources (LVN, TSX-V) and Wildcat Silver (WS, TSX-V)…keep in mind the price of Silver is very volatile at the moment but those companies each have solid projects and exciting potential…Levon Resources’ $40 million bought financing is expected to close on or about May 10…all is relatively quiet at the moment in the BMR stable…some life has come into Sidon International (SD, TSX-V) the past couple of trading days with 1.8 million shares trading Monday and another 1.5 million yesterday when the stock moved up a penny to 7 cents…Gold Bullion Development (GBB, TSX-V) ended a six-session losing skid yesterday with a gain of a penny-and-a-half to 46 cents…GBB has traded between its 300 and 500-day moving averages (SMA) for nearly eight weeks now…this may seem rather boring but in our view it’s an ideal opportunity for additional accumulation given the bullish fundamentals of the LONG Bars Zone…