Gold declined visibly last week and the most important development took place on Friday as gold declined a bit below the 61.8% Fibonacci retracement level and reversed visibly before the end of the session. Will the strong support and a daily reversal trigger a corrective upswing?

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Gold declined visibly this week, but silver and mining stocks didn’t show the same kind of weakness. In fact, the latter didn’t move below their previous November low. What can we infer from the above?

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Gold and silver didn’t do much and the same was the case with the USD Index. On the other hand, something quite interesting happened in mining stocks and we discuss it in today's Gold & Silver Trading Alert.

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In yesterday’s session, not much changed – the USD declined a bit, while the opposite was the case with gold, silver and mining stocks. Nothing extraordinary happened. On the other hand, today’s pre-market trading is more interesting. The USD Index is basically flat, but silver jumped up almost $0.30, showing strength. Gold is up as well. The above relative price moves confirm that the precious metals sector really wants to move higher in the short term, and that until it does, daily declines will be limited. How high is gold likely to go in the near term and how low can it slide thereafter? You'll find the details in today's Gold & Silver Trading Alert.

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