In yesterday’s session we got a bit more of what we received on Friday. Gold, silver, and mining stocks moved a bit higher, while the USD Index moved a bit lower. Gold has almost confirmed the breakout above the previous highs. Consequently, the more bullish of the scenarios that we outlined previously just became more probable.

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In the previous Alerts, we indicated that we might see a quick run-up on Friday. Indeed, gold soared above the previous 2019 high, but the other two key parts of the precious metals sector: silver and mining stocks didn't confirm this strength. Silver stopped about $0.20 below the previous high and miners didn't even invalidate the recent short-term breakdowns. Is gold really leading the way?

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Yesterday’s session was relatively calm in the precious metals sector, but we can’t say the same thing about what happened in the USD Index. The latter rallied visibly, which is not surprising given its breakout above the declining short-term resistance line. Yet, gold didn’t react with a strong decline? Why? Could it be indicating strength?

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The moves in the precious metals sector and in the USD Index that we saw yesterday were subtle, but there was one very important thing about them that investors might have missed precisely because of the lack of volatility

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