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 has rallied since our last update and is likely to continue in the week ahead. In turn, the Euro Index declined and indications are a further decline is likely. The general stock market movement of late, with a slightly bearish bias.

Recent strength shown by mining stocks may result in some upward movement in the very short-term. The same holds true for precious metals in coming days. However, it is important to note that these moves will likely be temporary and followed by declines downward to the long anticipated summer lows. This may, of course, provide a great opportunity to bet on lower prices soon, and - once the decline is over - to add to one's long positions.

The local top may be close (perhaps at $1,225 for gold), but we need to wait for more signals before we suggest betting against the major trend (which of course is up for the precious metals sector). As always - we will keep you updated.

Thank you.

Sincerely,
Przemyslaw Radomski