It looks like the precious metals charts want to lull us to sleep. How nice. But this is not the time to lose vigilance. There is a key development many investors have likely missed. It will have repercussion further down the road. What do we mean by that? This Alert’s title doesn’t really reveal it in its entirety. Let’s take a look under the hood.

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Gold miners were the first to break lower this week, but they were not alone for long. Silver joined in, by breaking below its rising support line and the breakdown was accompanied by a relatively significant volume. But not gold. The yellow metal moved to its rising support line and refused to decline below it even despite intraday move lower. Why is gold holding up so well and what does it tell us?

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Yesterday, the USD Index moved substantially lower while precious metals barely yawned. Why is gold not rallying? What does the gold-USD link tell us now, in combination with latest developments throughout the PMs sector? Let’s together examine these and many more clues.

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The USD Index moved substantially higher yesterday, proving that markets don’t necessarily move on the news (remember those dovish comments from the Fed?), but on expectations. “Buy the rumor, sell the fact”, or more precisely in this case, “sell the rumor, buy the fact” once again proved to be wise. The USD Index bottomed at the combination or bearish factors and it keeps on rallying relentlessly since that time. And gold? It’s not declining. Why not?

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Sometimes the clues one needs to make a very important decision are hidden and not visible at the first sight. Sometimes, they are right in front of one’s eyes. Interestingly, at times it’s more difficult to notice the obvious ones than the hidden ones, as one views them as something so obvious that it’s not worth paying attention to. Today, on the precious metals market, we have both. There is one word that connects them: volume. The devil, however, is in the details.

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