Based on today's price/volume action, maintaining opened long speculative positions is still justified from the risk/reward point of view. While the risk component is now bigger than it was couple of days ago, so is the potential reward.

Based on the above, we currently don't consider closing nor adding to one's speculative long positions in gold, silver and mining stocks as a necessary action.

The most important support levels for gold (50-day moving average, short-term rising support line) and mining stocks (medium-term rising support line) are still holding. In case of silver, we see the price movement below the main support level, however silver market is smaller and move vulnerable to short-term price manipulation, so if we see a technical signal coming from the silver market not confirmed by other markets, we don't need to view it as very significant.

As always, we will keep you updated, should anything change.

Thank you for using the Premium Service.

Sincerely,
Przemyslaw Radomski