Just a quick note that once again today’s pre-market rally (gold moved about $20 higher, to $1,135 at the moment of writing these words) does not invalidate points made in today’s previous alert. The declining resistance line for gold is at about $1,147, and gold remains well below this level, even after today’s pre-market rally. Silver’s move to $15 doesn’t change anything either.

The mining stocks can rally as well today, but it’s unlikely that this move will be anything more than a short-term bounce against the medium-term trend. If anything changes, we’ll keep you informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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