Gold moved substantially higher today. It’s not clear at what price levels the session ends, so we are not opening any positions at this time. We will analyze the situation thoroughly over the weekend and let you know our thoughts in Monday’s alert, but in short, we continue to think that the precious metals sector has much further to decline before the final bottom is in. The question remains at what prices should the short positions be re-entered. In this week’s alerts we have been explaining that even though the medium-term trend has been down, it seemed too risky to open short positions. Today’s price action is exactly something that was “too likely to happen” and what prevented us from mentioning a short position. It turned out that it was good to be on the sidelines today. We’ll keep you updated and we will provide more details on Monday.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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