The precious metals market didn’t do much yesterday in terms of daily closing prices – gold and silver closed more or less where they had closed on Friday. Does it invalidate the implications of Friday’s reversals?

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Several things happened on Friday and the markets reacted to them, so it’s not easy to interpret the final outcome. Was the reversal bearish or was the session bullish as gold didn’t decline substantially even though the USD rallied? Was gold’s reaction adequate, too small or too big?

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The likely direct reason behind today’s overnight spike in the price of gold is a cruise missile strike at a Syrian airbase, most likely the one from which a deadly chemical weapons attack had been launched earlier this week. However, it's not likely that 59 Tomahawk missiles was enough to ignite a rally alone. The strike had damaged ties between Washington and Moscow, as Russian spokesman Dmitry Peskov described the U.S. action as "aggression against a sovereign nation" on a "made-up pretext". Moreover, weak employment numbers caused gold to rally immediately after their announcement. Was today's pre-market upswing just a temporary blip on the radar screen or is it enough to trigger a more sustained rally?

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Gold, silver and mining stocks reversed yesterday – they declined initially, but ended the session relatively unchanged. The opposite was the case for the general stock market and the USD Index. What are the implications? Did the trends reverse?

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In the two previous alerts, we discussed several important long-term factors that are present in gold and silver and their implications for the following weeks and months. However, there are additional factors that need to be considered as well. One of them is gold’s relationship with the stock market. We discuss the details in today’s alert.

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