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Gold has traded between $1,145 and $1,159 so far today…as of 8:15 am Pacific, bullion is up $3 an ounce at $1,155…Silver is off 4 cents at $15.57…Copper is flat at $3.05…Crude Oil is down slightly at $77.20 while the U.S. Dollar Index is relatively unchanged at 87.72…the greenback has broken through ¥116 against the yen for the first time since October 2007, taking its year-to-date gains to more than 10% and its rise since the start of November to more than 3%…this once again underscores the diverging monetary policies of the 2 economies…

For the second straight week, large speculators cut their bullish Comex Gold futures and options holdings, as seen in the latest Commodity Futures Trading Commission weekly data, with the current report showing a sizable reduction in net-long positioning for the week ending Nov. 4…the “smart money” commercial traders, meanwhile, cut their net-short positions which is positive…

The overall high gross short positioning in Gold is one sign that critical support at last week’s lows ($1,130) may hold…Barclays’ analysts state that gross shorts are at their highest since July 2013 when they hit an all-time high.  “This suggests, although there is scope for further bearish positioning, much of the positioning has now taken place, which may ease the downward pressure on prices in the near term. More downside risk is likely to stem from long liquidation of stale positions,” they said.

As Russia continues its aggressive actions, Ukrainian President Petro Poroshenko warned today of the possibility of a new world war triggered by the conflict in eastern Ukraine that has left 4,000 people dead so far and led to a crisis between Russia and the West.  “The First World War ended 96 years ago. I wish to end the war (in eastern Ukraine ). I don’t want to give a chance to somebody to start a third world insanity,” Poroshenko wrote on his Twitter account.

Today’s Equity Markets

Asia

Japan’s Nikkei average roared higher overnight, closing above 17000 for the first time in 7 years…the mood was upbeat after the Bank of Japan purchased 38 billion yen of exchange-traded funds (ETFs) after the market close on Monday, part of its stimulus program…in addition, speculation that a Japanese consumption tax increase scheduled for 2015 could be delayed also cheered equity investors…

China’s Shanghai Composite fell 3 points to finish at 2471 after yesterday’s powerful move…China and the U.S. reached have reached an agreement to drop tariffs on a wide range of technology products, in a deal that its backers say could cover $1 trillion in trade and marks a significant accomplishment amid strained ties between Beijing and Washington…

Europe

European markets are up slightly in late trading overseas…

North America

Markets are open in North America but trading volumes are a little lighter due to Remembrance Day in Canada and Veterans Day in the United States…

The Dow is up 60 points as of 8:15 am Pacific…interestingly, last Wednesday, the Dow Jones Industrial, Transportation and Utilities averages all reached record highs on the same day, an event that has occurred just 26 times since such things were recorded…the last time there was a “Dow Trifecta” was in April 2007…historically, this has been a bullish sign for stocks looking ahead several months…

The TSX is up 30 points while the Venture has gained a point to 767 as of 8:15 am Pacific…near-term Venture resistance is at 770, a level that would be nice to see eclipsed in the coming days…the market is looking healthier at the moment from a technical standpoint…

Frank Holmes, CEO and Chief Investment Office for U.S. Global Investors, cites a study from Canaccord Genuity looking at the 4 major Venture Exchange corrections in the last 3 decades that could point to a bottom. “That cycle, (from 1987 to 1991) lasted 45 months, this one is 43 months,” he said. “So between now and Chinese New Year (mid-February), I think we get some bottom.”

Updated Crude Oil Chart

One major reason for the Venture’s slide since the beginning of September was the early October technical breakdown in Crude Oil…the WTIC trend has been bearish since July and that trend really accelerated at the beginning of last month…WTIC is now looking to form a base in the mid-$70‘s…there is also a long-term support band between $70 and $75…on the upside, there is plenty of fresh resistance in the $80‘s…

OPEC members meet in Vienna Nov. 27th – whether they’re able to agree on production cuts is a huge question mark…

WTIC 6-Month Daily Chart

Updated CRB Index Chart

The downturn in most commodities since mid-June has been striking with the CRB Index falling about 15% over the last 5 months compared to a 25% drop in the Venture during that same time period…

While the CRB may not yet have put in a final bottom, short-term momentum will quickly turn once the Index is able to overcome its downtrend line…RSI(14) and SS are both well into oversold territory, and the -DI indicator has likely peaked on this 2.5-year weekly chart…the ground is fertile here for a sudden recovery…

The CRB is up slightly at 268 as of 8:15 am Pacific…

Fission Uranium (FCU, TSX) Updated Chart

Interest has picked up in the Uranium sector with renewed strength in the Uranium spot price (it has been climbing steadily since August)…there are several reasons behind this, not the least of which is the changing political landscape in Washington where a Republican-controlled Congress can be expected to push a pro-nuclear agenda in 2015…so this is a sector to really keep an eye on, especially since recent overall market volatility has knocked down share prices of quality plays like Fission Uranium (FCU, TSX-V) and others…

This updated 2+ year Fission chart shows significant upside momentum and a confirmed breakout yesterday above resistance at 88 cents…you can see how FCU has been in a downsloping channel since the beginning of the second quarter as the Uranium price gradually declined into the summer…

A couple of key areas to watch with FCU – Fib. resistance at $1.05 and the top of the downsloping channel…a confirmed breakout above the top of that channel would be very bullish…any near-term pullback would likely represent a safe entry point…as always, perform your own due diligence…

FCU is up 7 cents at $1.05 as of 8:15 am Pacific…

Cannabix Technologies Inc. (BLO, CSE) Update

What a steal this was a week ago at a nickel, but even at current levels patient investors stand to be handsomely rewarded with Cannabix Technolgies (BLO, CSE) es as it continues to advance its patent-pending marijuana breath-analysis device (the initial prototype is expected very soon)…

BLO has been volatile since its CSE debut in late June, shooting as high as 32 cents before trading down to its 5-cent private placement price with a major rally in between…the company will have a presence at a major event in Las Vegas beginning tomorrow (the 3rd Annual National Marijuana Business Conference and Expo)…

Technically, BLO is showing fresh upside momentum based on various indicators, and is currently trying to work its way through resistance around 10 cents (a previous support area) where it’s at in early trading today…

Slyce Inc. (SLC, TSX-V) Update

Slyce (SLC, TSX-V) jumped as high as $1.19 intra-day yesterday, a significant advance from the 90-cent level as per John’s November 3 chart that clearly outlined a bullish pattern…

Slyce, formerly Oculus Ventures, was a solid performer on strong volume in October despite the Venture’s temper tantrum…the company’s strategy is to position itself as a pivotal player in the emerging visual web by providing its technology to retailers, brands, app developers and digital publishers, enabling their apps to recognize products for instant purchase…Slyce will provide its technology in exchange for integration, licensing and per search fees, percentage sales splits and big data provision and analysis…the company is currently working with a growing list of Fortune 1000 brands and companies as well as multiple innovative developers…

John’s updated 6-month daily chart shows a “spinning top” candle yesterday which helps explain this morning’s minor weakness and the potential for a little more consolidation of recent gains, though the overall trend remains very bullish…

SLC is off a nickel at $1.07 as of 8:15 am Pacific…

Note:  John and Jon both hold share positions in BLO.