In yesterday’s alert we discussed multiple factors affecting the precious metals market right now, but there is still more to the story than that. In today’s analysis, we will discuss the link between gold and the Japanese yen along with the outlook for the latter, and we will feature a moving average based on an important precious metals ratio. The latter may not seem important until one considers its implications in the past decade. Reviewing it changes the initial perception entirely.

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The last week and especially its last day were quite rich in developments – silver rallied, gold moved a bit above its 300-day moving average, the USD Index moved decisively higher, while the EUR/USD closed the week below the key, long-term support line. What are the implications?

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And so it happened – the breakout in the USD Index was indeed verified and precious metals traders finally reacted to it. However, that seems to be a normal reaction - not something extraordinary and the USD's breakout is just a short-term phenomenon... Or is it? Believe it or not, that's the million dollar question that not only forex traders need to be asking - that's also the key question for precious metals investors. In today's alert, we tackle this important and timely matter.

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Once again not much happened in the precious metals market yesterday – gold moved $3 higher, which is next to nothing. Silver moved 5 cents lower, which is next to nothing as well. The USD Index moved only 0.02 higher, which is – unsurprisingly – also next to nothing. However, this nothing is quite meaningful in one way and we discuss the details in today's alert.

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Not much happened in the precious metals market yesterday, so instead of repeating what we wrote then (the analysis remains up-to-date – the USD Index is after a breakout above the declining resistance line), we will discuss 2 little-known developments that are happening right now. The first one is the performance of the precious metals junior mining stocks and the second one is the performance of Japanese stocks – the Nikkei Index.

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