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Gold declined by 1.49%, silver by 2.32%, and GDX by 1.63%. We wrote that silver’s declines are likely to be bigger than the ones that we see in gold and that was certainly the case. Silver declined more than mining stocks as well. Gold’s daily decline may not be enough, to change the entire short-term outlook, though. After all, even though gold declined significantly, it didn’t close below the January highs. Since the breakouts were not invalidated, it seems that nothing changed, and gold might still rally higher in the short run. Is this really the case?

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Quite a lot happened yesterday. And not much – at the same time. It all depends on the way one wants to view the developments. In intraday terms, we saw new highs in the precious metals sector and a new low in the USD Index. In terms of the closing prices, however, we saw very little new going on – the above-mentioned markets closed more or less where they had finished the previous day. What really happened, and what has really changed?

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Silver didn’t move above the previous highs yesterday, but gold and gold miners truly soared! Both moved to new yearly highs and miners even rallied above their declining resistance line. Silver’s volume was extraordinary. Something big is happening. The $64,000 question is what exactly it is.

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The precious metals, the turning points, the USD Index. Not that much seems to be happening at first sight. Actually, the opposite is true. The combination of powerful resistances, modest upswings and other short-term developments. The logic behind the moves and what we can likely expect next. The devil is always in the details. Is this the slick move up before THE reversal itself takes place?

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