In the past several months we saw a few breakouts and rallies in gold and mining stocks. There were similar, in a way, as we saw the same kind of confirmation in almost all cases. The current upswing, however, is quite “specific” as the mentioned confirmation is absent so far – will the history still repeat itself and will metals rally nonetheless?

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2 things happened yesterday that can have some implications for future precious metals prices: miners moved higher (GDX broke above its recent highs) and the second thing is that the upswing materialized on higher USD values. Is the rally imminent?

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After several weeks of rallying, the USD Index finally took a dive last week and – naturally – precious metals reacted in a very visible way. Gold and silver are not above their recent highs, but mining stocks seem to be breaking higher. Are PMs on a verge of a major breakout?

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Not much happened in the precious metals market yesterday, but the action that we saw in the USD Index was very interesting. Given the strong link between the latter and the precious metals sector, we can expect the developments in the USD Index to impact the precious metals market shortly.

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Yesterday’s and today’s session (so far) are quite significant as a few important sectors invalidated their previous moves. How much changed?

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