The OPEC agreed on a small increase in production and either investors had anticipated the increase to be even bigger or someone takes advantage of the traders’ meeting-driven emotionality by further pumping the price in order to get people thrown off the market before opening short positions and taking advantage of the following plunge. At this time things are still hot and it’s impossible to tell which is the real course of action. We’ll be able to tell more later during the day or - most likely - after the trading day - and week - are over.

Either way, the bearish implications of the May reversal remain in place.

As always, we’ll keep you - our subscribers - informed.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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