At first sight, absolutely nothing happened yesterday in the precious metals market. Gold didn’t do anything, while silver’s and miner’s moves were very tiny. If there was a contest for the most boring sessions of 2017, our bet would be on yesterday’s lack of price action. Yet, after digging through the charts we found a hidden analytical gem that formed yesterday (major signal that we saw for the first time this year). What is it and how can we profit from it?

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Yesterday’s intraday actions resulted in little change in terms of the closing prices, but the reversal themselves were significant – they further validated some of the patterns that we’re seeing in gold and silver (triangles) and we even saw a “mutation” in the euro as the head and shoulders pattern just got an extra shoulder. What does all this mean for us – precious metals investors and traders – going forward?

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Not much happened with the price of gold, silver and mining stocks yesterday, but quite a lot happened in the USD Index. Since this is one of the two key fundamental (the USD is also important technically) drivers of the price of gold (the other one being real interest rates), the importance of the USD action should not be something that is ignored. How is the USD’s decline and the visible breakdown below the rising support line likely to impact the precious metals market in the near future?

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Yesterday’s session was not as eventful as the entire previous week, but this doesn’t mean that what happened was without meaning. Conversely, in addition to fresh sell signals from the Stochastic indicator in gold and the HUI Index, we saw two important short-term signs and one long-term one. How did they change the outlook? Was today’s pre-market flash crash in gold and silver just a blip on the radar screen or a beginning of something bigger?

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It’s no secret that weekly moves and signals based on them are more important than the daily ones. After all, if we saw one sign for the next day or two, but knew that the week was going to end with the price moving in the opposite direction, we would know that following the daily move would be very risky. Instead, we would aim to take advantage of the initial move to take a position for the upcoming big move… Which brings us to the current situation – the week is over and we have quite a few signals of significant importance. Let’s take advantage of them.

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