Just a quick note to let you know our thoughts on today's rally in the USD and gold's decline. In short, it doesn't change much yet, as gold simply moved to its previous low and the USD is not above its 61.8 Fibonacci retracement level (102.13). Plus, the mining stocks (GDX) didn't move to new lows despite a visible downswing in gold, which is a bullish sign. If anything changes, we'll keep you informed.
Thank you.
Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager
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