Nothing really happened yesterday on the precious metals market, so today’s alert will be very short - all we can say right now is that everything that we wrote yesterday remains up-to-date. In other words, the outlook for the precious metals market remains bearish.

In particular, in light of today’s pre-market move higher in gold and the pre-market move lower in the USD Index, we would like to emphasize the existence of key support level in the latter at about 96.40 (the final of the classic Fibonacci ratios) and at in the $1,290 - $1,300 range in case of the yellow metal (very long-term resistance line that we featured on gold’s long-term chart yesterday and gold’s April top). It seems that USD and gold are moving to their support/resistance levels in today’s pre-market session. The outlooks for gold and USD remain intact - as described in the previous alerts.

Thank you.

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

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