The USD Index soared on Friday (once again) but mining stocks, despite the usual negative correlation with the USD, actually managed to move higher – what are the implications of this bullish signal?

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The USD Index soared yesterday and so did the general stock market. Gold didn’t do much but silver and miners moved higher. The metals and miners’ reaction seems quite positive – is it really bullish?

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Back in January gold stocks corrected 61.8% of the August-November decline and based on the similarity between that decline and the May-September slide, several weeks ago we wrote that a move to 155 or so was possible. Today we will discuss how this analogy continued to play out and how it’s likely to play out next.

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Miners started the week with a decline that took place on strong volume, but it seems that this decline was canceled on Tuesday. Was that really the case given that mining stocks moved higher on volume that was considerably lower than what we saw on Monday?

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Just when it seemed that the only way the mining stocks could move was up, they invalidated their breakout above the August high. This was the second attempt of mining stocks to move above this high that was just invalidated – and this time it was accompanied by significant volume. What are the implications?

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