Our short-term target level for the small rally in the precious metals has been reached - gold is above $1,570. Consequently, we believe that the speculative long position in the precious metals market should now be closed.

It could be the case that gold moves even higher and if it closes much above $1,580 we could even move back to the bullish camp. However, that is not the most likely outcome right now. 

Summing up, we now suggest having no speculative position in the precious metals market and keeping your long-term investments intact. Naturally, we will have more to say in tomorrow's Premium Update.

Thank you.