The signals that the precious metals market currently provides are not easy to interpret – gold broke below the previous lows and didn’t invalidate its breakdown, silver invalidated the breakdown but just broke below the previous lows once again, and miners refused to break below their previous lows and are holding up strongly. What does the above provide us with? A trading opportunity.

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The precious metals sector moved higher yesterday, while the USD Index declined. There was no meaningful action in gold – it remains below the previous 2015 lows – but silver invalidated its recent breakdown and the USD Index invalidated its recent breakout. Is gold the key market to focus on, or are other markets just as important and can change the outlook for gold on their own?

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Gold and mining stocks moved higher yesterday (silver closed $0.01 lower), but gold’s breakdown was not invalidated. Moreover, we would like to emphasize that gold not only broke lower in terms of the U.S. dollar but also in term of the Japanese yen. What are the implications?

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Gold ended the week below $1,060 breaking visibly below the previous low and the USD Index closed the week at 100.07, which is a bit above the previous 2015 high. Given the above, will we see even more declines in gold and more rallies in the USD Index shortly?

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