The unlikely outcome of the Brexit vote turned out to be true and as the global risk increased (most importantly, the perception of risk), gold rallied in overnight trading. What’s next?

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Quite a lot has been written about today’s Brexit from both the fundamental and technical point of view and since the markets didn’t move much yesterday, we don’t have much to add about this issue today. However, something else has happened recently that also deserves a lot of attention.

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The precious metals sector moved lower yesterday and that was particularly interesting because in the previous days gold declined along with the USD Index and yesterday the USD Index moved higher. It seems that currently gold is declining no matter what the USD Index does. What are the implications?

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We’ve seen a lot of back and forth action in the precious metals market this week, but the moves in the USD Index were much more decisive and that’s what we’d like to discuss in today’s alert. Besides, since nothing really changed yesterday in gold, silver and mining stocks, our yesterday’s alert remains up-to-date.

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The no-hike announcement and Brexit-related tensions contributed to big intraday action in last week’s trading of precious metals (mining stocks were not that affected, though). At the first sight, the action was bullish as gold closed the week higher, but there’s much more that needs to be analyzed before the final conclusions can be drawn.

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