The USD Index soared once again yesterday and gold, silver, and mining stocks declined once again. Is this the top / bottom or does the acceleration in the rally mean much more upside / downside at this point?

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Last week was full of important events for the precious metals investors. Gold broke below the medium-term rising support line, silver moved below its previous short-term bottom, miners broke below their declining support line, USD index soared and all of the above was accompanied by the European QE announcement. In light of the above events, what’s likely to happen to gold and the rest of the sector this week? This is the key question that we answer in today's Gold & Silver Trading Alert.

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Even though gold didn’t react in a big way to Mario Draghi’s comments, a lot happened in the precious metals market yesterday. We finally saw a breakdown in mining stocks and we saw an extreme daily rally in the USD Index. As you know, the USD Index very often triggers significant moves in gold. Even though the last 2 days didn’t bring any changes, the situation has just become very tense for precious metals investors and traders. What are the implications for your precious metals investments and trades?

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Gold, silver and mining stocks reversed their direction yesterday and so did the USD Index. These moves were not surprising, but they were not significant. Did they actually change anything? Today’s session will quite likely be determined by the news coming from Europe. What are the charts saying right before the QE-related announcement?

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