Gold and silver showed strength yesterday, while the USD Index declined, but these moves have been more or less erased in today’s pre-market trading just as the lagging mining stocks had suggested. What’s next? In yesterday’s alert we elaborated on the likely scenario for gold, but as we all know, no market can move totally independent of the rest of the financial world, and gold is no exception from this rule. Consequently, in today’s alert we dig deeper into the near-term target for one of gold’s key drivers – the USD.

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Not much happened in gold yesterday, but this is not the case if we take the past two weeks into account. Conversely, based on these events, the roadmap for gold became clearer as one of the outcomes became significantly less likely. Where is gold likely to reverse its decline? You'll find the details in today's Gold & Silver Trading Alert.

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In the previous alerts we elaborated on the underperformance of mining stocks. Miners have indeed refused to move above their 38.2% Fibonacci retracement even though gold and silver have kept pushing higher. They have also declined profoundly this week erasing more than the entire previous week of gains. However, mining stocks showed strength by not declining visibly yesterday, even though gold and silver moved lower. What can we infer from this subtle sign of strength?

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As we described in yesterday’s alert, even though it got many people excited, the breakout above $1,300 was not a big deal and since it was not accompanied by practically any confirmations, it was likely to be invalidated – which is what we saw yesterday and in today’s pre-market trading. What’s next? Will we see another attempt to move above $1,300 or is the top final this time?

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It’s Monday once again and we once again have the weekly closing prices to comment on. Mining stocks moved a little higher, but gold and silver rallied more visibly on Friday. Gold closed above $1,300 and we saw a major breakout. What are its implications?

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