Gold's moves yesterday and earlier today might look like a consolidation above $1,400. As something normal, healthy and expected. Before passing such a verdict, let's take a look at how these moves fit the chart patterns seen. The miners also have a word or two to say here. And who could forget about the USD Index? We're looking there at something tremendously important, hiding in plain sight...

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Gold has caught a bid yesterday and finished quite a few bucks higher. While this looks encouraging on its own, we better look at the entire precious metals complex, and the context of its moves. Wait, we have seen miners closing strongly yesterday. Does this point to a change in outlook, or we better take a valuable lesson from both gold and the miners' not so distant past?

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Sounds contradictory, but is perfectly true nonetheless. Just like you need to go faster than the car in front of you to be able to overtake it, the price sometimes has to rise faster than a steeply-sloping support level does so that it doesn't break down. Think about keeping your head above water when swimming. So, how has gold fared at this task yesterday? What kind of consequences will that bring in the very near future? Future that some might say is already knocking on the door...

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Gold hasn't moved much yesterday. By a mere dime on a closing basis, closing right at the $1,400 handle, while the USD Index has risen again. That surely qualifies as a sign of strength, right? Especially since neither the miners have given up much ground. In order to answer these questions, one needs to examine what did yesterday's session change and what remained in place. Actually, the answer is quite simple...

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Gold, mining stocks, and - especially - silver all declined last week, but the sizes of the downswings were not alike. Miners didn't break either above, or below their consolidation, gold didn't close the week below $1,400, but it was extremely close to doing so (the close was just 10 cents above this level) and silver broke below its rising support level in a decisive manner. What does such a mix tell us? Quite a lot.

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