The great day of the Fed interest rates decision and forward guidance has arrived. There hasn't been much pre-positioning volatility in the precious markets so far. With the exception of gold perhaps, you might say. Let's dive in and assess whether a technically important gold move has happened yesterday, or not. Examination of the other markets will show us whether it's the real deal, or not.

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Pre-FOMC, we haven't seen much of a movement in the precious metals. It has been only the miners that registered a gain yesterday. Any rise must be a bullish development, right? Well, we better assess the chart context of that move. Combined with miners-to-gold ratio, that tells us something valuable carrying significance over to the rest of the precious metals sector.

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Friday's session didn't bring much of easily noticeable action in the precious metals. While the day-to-day picture remains calm, the mining stocks' move has brought us direct short-term implications. Also, we'll examine the message both the gold-to-silver ratio and silver are sending us. Let's get right into it.

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The entire precious metals market moved sharply lower yesterday. Silver erased more than it had gained on Wednesday and mining stocks broke below their rising support line. All this happened while gold closed below $1,420 for the first time this week and after it had formed yet another weekly reversal. Can the precious metals continue to rally regardless of all the above? They can, but...

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It's not true that yesterday's session in precious metals was uneventful. While gold and mining stocks didn't do much, silver moved a bit above its previous high, closing at a fresh 2019 high. Sounds pretty remarkable, doesn't it? In today's analysis, we'll put silver's breakout into proper perspective and examine if the white metal has much more room to run.

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