At the first sight not much happened on the precious metals market on Thursday - but only at the first sight. There were two subtle clues that tell us more about gold's likely next price swing, one from the currency markets and one coming from the mining stock sector.

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In yesterday's alert we wrote that "we might see another move lower in the USD Index and a move higher in the precious metals market, but we doubt that these moves would be significant". We have indeed seen a move lower – it was not that significant and very temporary. The USD index moved back up before the end of the session and the outlook is actually more bullish than it was yesterday. This is bearish news for the precious metals market. However, we have just seen a breakout above the medium-term resistance line in the CCI Index - the proxy for the commodities sector. Will it push gold higher? You'll find our view on the situation in today's alert.

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Yesterday was of those weird days when… Nothing happened. It is usually the case that we have multiple signals from gold, silver, mining stocks, currencies, related markets and ratios and we discuss which of them is more important than others, or whether they invalidate each other or if they make each other’s implications stronger.

Yesterday, we saw no breakout, no breakdown, and markets are more or less where they were on Monday. However, this does not mean that the situation is calm - no changes mean that it's just as tense as it was on Monday, and it was very tense. We have gold stocks after a breakout and metals without a breakout - a breakout or invalidation will likely have profound implications for the coming weeks. What's next?

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Gold moved sharply higher at the beginning of the session yesterday, only to pull back before its end. How much changed? Please recall that the mining stocks (HUI Index) had already moved above the declining resistance line and precious metals bulls had been waiting for a confirmation from metals. Was yesterday's move it? Is it the final time to get aboard the golden train? You'll find our views on the above in today's alert.

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Last week was full of contrary signals from the precious metals market. Gold declined on Monday, rallied on Wednesday, only to plunge on Thursday. Silver was weak for the entire week but gold stocks (HUI Index) actually managed not to invalidate the previous breakout. We are at a very interesting juncture and what's next should be even more interesting - and profitable.

We invite you to read more about the opportunity that we now see in the precious metals market in today's Gold & Silver Trading Alert. In addition to the above, we also dedicated a few extra paragraphs to the situation in the platinum market, which provides an opportunity of its own.

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