We promised to keep you updated via daily Market Alert on or after each trading day regardless if a material change is seen or not, so here we are.

Gold and silver moved slightly lower today and short-term uptrend remains in place. Basically, the situation is exactly as it was yesterday, and everything that we wrote yesterday, so we are quoting it below:

"The precious metals sector seems to be taking a breather today, which is nothing surprising as the move on Friday was quite substantial. 

The support in gold is currently at $1,725 (it's based on the rising support line created by connecting Nov 5 bottom and Nov 16 bottom), so as long as gold remains above this level, the situation will remain clearly bullish. Right now gold is approximately in the middle of the rising trend channel, and neither a few additional days of consolidation, nor another daily rally would surprise us here.

Based on the True Seasonal patterns we think that we will see continuation of the rally quite soon, perhaps tomorrow or on Wednesday. 

Summing up, we continue to believe that being long gold, silver and mining stocks from both: speculative and investment point of view, is a good idea. Points and price targets from our latest Premium Update remain up-to-date. If you haven't read it already, you can access it using the following link:

November 16, 2012 Premium Update"

As always, we'll keep you updated should our views on the market change - even if it means sending another message in several minutes.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA