This is just a quick note to let you know that today’s move to $1,092 in gold doesn’t change anything as far as outlook for the precious metals is concerned. That’s merely a move to the upper border of the consolidation flag pattern (blue line on the short-term gold chart in today’s alert). Consequently, we believe that we are in the final part of the consolidation within a major decline in the precious metals sector. The outlook remains bearish. We will comment on today’s move in greater detail in tomorrow’s alert.

Thank you.

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

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