Just a quick note to let you know that - at least at this moment (with gold at $1,202 and silver at $16.41) it doesn’t seem that anything changed regarding the short-term outlook.

In fact, silver’s sharp move higher is something that indicates a possible start of a much bigger decline than what we saw previously. This is exactly the kind of performance that we saw in the previous months.

Gold moved slightly above $1,200 and the short term resistance is currently right there (the declining resistance line based on the Apr 6 and Apr 20 intra-day highs). There was no breakout and the outlook remains bearish.

We’ll have more to say after today’s close and we’ll describe our outlook in tomorrow’s alert. If the outlook changes based on what happens today before the end of the session, we’ll send you another alert today.

Thank you.

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

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