We believe that the very small speculative short position that you might have opened based on yesterday's alert, should be closed. We no longer think that the risk/reward ratio favors a bet on a decline in precious metals.

Yesterday, we wrote that the key factor that we took into account was the very low volume that accompanied the intra-day rally. This important signal has just been invalidated as gold is moving to new highs on sizable volume.

Again, time is a factor here, so this message is short. At this point we would still wait before entering speculative long positions, as we continue to see several bearish factors (i.a. the seasonal tendencies for April). The situation might change soon - we will keep you informed, even if it means sending another message right after this one.

Sincerely,
Przemyslaw Radomski