Gold moved to $1,260 today, but the more important action is taking place in the USD Index - the latter is moving very close to the important support level that we mentioned in today’s first alert - the 61.8% Fibonacci retracement level (with the current value of 93.50 it’s only 0.07 above the retracement) is likely to keep the USD decline in check. Consequently, it is likely that metals will reverse in the coming days and lower prices for the PM sector will follow.

As always, we’ll keep you informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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