The precious metals market moved lower yesterday, which appears bearish, but at the same time gold and silver also reversed in a profound way before the end of the session, erasing a large part of the daily declines. Shouldn’t such a reversal be viewed as a strongly bullish phenomenon?

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The most prominent action in the precious metals market that we saw last week, took place in silver – the white metal closed the week below the important long-term support/resistance line, thus invalidating the previous breakout. However, there’s more to the precious metals market than just the action in silver. In today’s alert, we discuss both the developments in silver and other factors.

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The only real action in the precious metals market that we saw yesterday took place in silver. The white metal once again broke below the long-term resistance line based on the weekly closing prices. What are the implications of this invalidation?

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The precious metals market moved lower yesterday, but the decline was particularly visible in the case of the mining stocks. The GDX ETF broke through its rising support line and the session was accompanied by one of the highest volume levels that we’ve seen this year. Is the decline in the precious metals really starting?

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The USD Index declined yesterday quite substantially as the British pound and the euro both moved sharply higher likely due to the surprising news of looming elections in the UK. Despite the USD’s slide, gold didn’t decline whereas silver and mining stocks did. What are the implications?

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