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 euro has reached a long-term resistance line and this suggests a likely rally in the USD Index. The general stock market has been gathering strength and appears poised to rally at least in the short-term.

The implications for precious metals appear mixed with a slight bearish bias. Gold, silver and gold and silver mining stocks showed strength this week but the negative price-volume action seen on Thursday is a cause for concern. This is especially true for silver, which has just reached its $38 target/resistance level.

The risk-reward ratio has turned unfavorable for Speculators holding long positions in metals and gold and silver mining stocks. It appears that recently opened (March 17th) speculative positions should be closed at this time and profits taken.

There will always be another time to re-enter the market when conditions are more favorable. It may be prudent at this time to wait for a confirmed breakout before re-opening speculative long positions. The situation is not bearish but does not appear bullish enough to continue keeping long speculative positions.

We will keep you informed as things develop going forward.

Thank you.

Sincerely,
Przemyslaw Radomski