The USD Index soared, just like it was likely to based not only on the technical grounds, but also on the analogy in the interest rate hikes. It completed the reverse head and shoulders formation and things appear very bullish for the short term. Miners plunged exactly as we had expected them to, so things should be clearly bearish for the precious metals sector… But gold and silver declined only a little yesterday and this strength should raise one’s eyebrow. Based on the size of the rally in the USD Index (almost a full index point), one would expect gold to slide by at least $20. Instead, we saw a decline smaller than $10 and no new intraday October low. Has the decline just ended?

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Mining stocks continued to decline yesterday even despite the lack of decline in the underlying metals and even in light of the daily decline in the USD Index. If the target for mining stocks and gold is quite clear, then can we say the same thing about the white metal? Making predictions for it is more difficult due to silver’s intraday volatility at its turning points, but in today’s essay we apply more and less known techniques and – as you will soon see – we arrive at a level that many of the above confirm. So, what’s next for the price of silver?

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In yesterday’s alert we emphasized the importance of the current signal coming from gold stocks and yesterday’s session further confirmed it. The strength of the signal is now so significant that we needed to adjust the price target for the miners for the following days. You'll find the most up-to-date target in today's alert.

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In yesterday’s alert we discussed why the implications of the recent action in the mining stocks were so important and yesterday’s session was in tune with our expectations. The signal from mining stocks is quite clear and while it is not perfectly confirmed yet, the consequences that are already in place should not be ignored. Miners were suggesting a given outcome on Friday, but the strength of the signal is currently stronger - miners are no longer simply saying what's likely - they are screaming it.

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The week is over and the weekly price and volume readings are now available. What can we infer from them? Where will gold and the rest of the precious metals market move in this and in the following weeks?

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