Below you will find a quick summary of the report that we're preparing at this moment and that we will publish later today.

The USD Index, which surprisingly has rallied recently will likely reach a local top fairly soon. Stocks appear likely to continue their rally although this may slow or pause for a time in the week ahead. The implications for gold, silver, and mining stocks are a similar pause followed by a big rally. Their recent show of strength bodes well for a bullish outlook for the medium term.

The most important target level discussed this week is the $1,600 level for gold. Confirmation of a breakout is needed first and then strong rally will likely follow. A local bottom will likely be seen soon and speculators should be well rewarded for entering it close to the bottom. As always - we will keep you updated.

Thank you.

Sincerely, Przemyslaw Radomski