On an intra-day basis, gold moved below the neck level of the head-and-shoulders formation on Wednesday, but it didn't stay there for long - it closed visibly above this level, thus invalidating the breakdown in terms of intraday prices. In terms of closing prices, the head-and-shoulders formation was already completed.

Meanwhile, silver / SLV invalidated the move above their 20-day moving averages, which by itself is a bearish signal. What should gold and silver investors do given the above? Today's Market Alert features suggestions for both: short-term Traders and long-term Investors.

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At the first sight not much happened in the precious metals market yesterday. The truth, however, is far from that. The HUI:gold ratio declined sharply yesterday and moved visibly below its 2013 lows. In other words, we saw a major breakdown in this important ratio. What does this important development mean for gold and silver investors and traders? Read today's Market Alert and find out.

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Silver moved much higher yesterday, but neither gold nor mining stocks did the same. Is the white metal leading the way? Or is that an indication that a downturn is coming? Does the small divergence between the GLD ETF and spot gold change anything in this picture? Read today's Market Alert and find out.

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We currently see a short-term divergence in the outlook for the GLD ETF and spot gold, and at the same time silver closed last week just $0.05 below its previous weekly close, thus creating a reversal pattern based on weekly candlesticks. What can this tell us about the next likely move in the precious metals market? What positions should we take (if any)? These are the key issues that we focus on in today's Market Alert.

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The easiest way to look at the dollar is to compare it as a currency against all the other currencies. When looking purely at the currency markets, the dollar does not appear as endangered as it may seem. But is this the whole story? How can this influence the gold market? This is what we focus on in the opening part of today's Premium Update. A lot happened on the precious metals market and related markets this week - what do they tell us? In today's issue we cover the following:

• Gold is underperforming the US Dollar and the general stock market, but managed to invalidate the bearish head-and-shoulders formation yesterday
• Possible correlation shift between the gold and the general stock market (negative based on the past 30 trading days but positive based on the past 2 weeks)
• Recent price moves look significant for gold, but was there any long-term breakout or breakdown?
• Gold priced in US Dollar, Euro, British Pound and Australian Dollar
• Two important developments on the gold price charts
• How high can gold, silver and mining stocks go on a short-term basis without invalidating the medium-term trend?

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