People’s opinions on trading and investment vary. Some say that it’s very easy, as all you need to do is to buy and sell. Some say that it’s very difficult because so many things determine if one should be buying or selling. But the thing that both approaches miss and what makes investments and trading really difficult is not buying or selling – it’s the waiting. The good news is that waiting for a HUGE move in gold and silver is over, or extremely close to being over.

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Gold and silver declined only a bit yesterday, while the USD Index moved visibly higher and while the end of the session for the mining stocks was not particularly encouraging, the initial hours of the session took the GDX ETF above its October highs. Did this early strength in the miners just confirm the bullish outlook for gold?

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All the bearish techniques, all the bearish analogies, and all the sell signals… And gold is still rallying. At some point one has to revisit the charts and update them so that they reflect the reality, not one’s wishes. What was likely based on the past information is not necessarily what is still likely based on what we have right now. So what is likely now? After gold rallied above $1,250 pretty much without USD’s help? And given the first-time-in-years shocker that we just saw on Friday?

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Gold touched the $1,250 level, moving above the October highs and to price levels that were not seen since mid-July and it happened even though the USD Index didn’t decline in a profound way. In light of the Elliott Wave Theory and based on USDX’s self-similar pattern, the above has very interesting implications. And they are not as evident as one might assume.

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