Gold, silver and mining stocks just showed strength by reversing right at gold's and mining stocks' cyclical turning points. The USD Index moved to 90.9 and is now declining below 90.5, which means that today's session will likely be a bearish reversal that formed right after touching the 38.2% Fibonacci retracement based on the November 2017 - February 2018 decline.

Moreover, miners and silver are up even though we are seeing a quite significant decline in the main stock indices, which is another sign of short-term strength.

There are multiple bullish signs in place that are short-term oriented, and the long-term bearish signs remain in place.

Consequently, we think that temporarily EXITING THE TRADING SHORT POSITION is now justified from the risk to reward perspective with the aim to re-enter it shortly - likely within a week or two weeks.

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

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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