Gold rallied yesterday, right before its turning point, and reversed its course before the end of the session. Precisely, even before the US session started. Miners reversed as well, after failing to move back above the late-2016 bottom. With the critical situation in the USD Index, and gold miners’ short-term underperformance (so far this week gold is up by $8.10, while the HUI Index is down by 0.2), it appears that things will get very hot for the precious metals market shortly.

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The inverse head-and-shoulders pattern in the mining stocks received a lot of attention as it gave hope for a sustained rally. But, there are two other inverse head-and-shoulders patterns that are likely to have even more important implications than what we just saw in the miners. If you're interested in PM's outlook for the next several weeks and months, you definitely don't want to ignore them - especially in light of today's rally in gold and silver.

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There were not many changes in gold, silver and mining stocks on Friday, and not has much changed in terms of the weekly closing prices either. Gold and gold stocks closed modestly higher, and silver was up by $0.01 last week (after declining $0.01 in the previous week). Some data sources point to $0.02 movement in both weeks, but the overall implication is the same – nothing really happened since gold soared most likely due to Trump’s comments. What can we infer from this silence? Much more than it seems at the first sight.

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Gold, silver, and mining stocks once again tried to rally yesterday and once again they closed the session almost unchanged. Seems bearish at the first sight. Then again, the USD Index rallied for yet another day and precious metals didn’t decline despite of this, which appears to be a major bearish indication. Which of these signals should one trust?

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