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

USD Index is declining and many factors indicate that it will maintain this direction at least temporarily before reversing, exactly opposite to general stock market, which seems to have some more steam to move higher before consolidation. We see this very short-term move up as an opportunity only for cautious and experienced traders, who are very short-term oriented and personally we will not take advantage of it. Instead we will wait for better risk/reward ratio, which should materialize right after expected consolidation. If you wish to bet on the abovementioned quick upswing, you might want to use silver.

In-depth analysis of USD, Euro, general stock market, gold (also from non-USD perspective) and silver gave us targets for short and long term. Therefore we expect gold to continue its current move to local top around $1,340 (corresponding to around $130 in GLD ETF) and after short consolidation to move higher, perhaps to the $1,500 level.

Thank you.

Sincerely, Przemyslaw Radomski