Not much happened after the most important session of this year in gold, but does it mean that gold is not going anywhere anytime soon? Absolutely not - gold appears to be on the verge of a major move and two signals that we discuss in today's alert indicate the direction of this move.

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Friday’s powerful reversal was followed by a rally, instead of a decline. How much does it change regarding the implications of the former, especially that the USD Index just broke below its flag pattern?

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While the precious metals traders may have complained about the lack of action in the previous week, what we just saw suggests that this week will be anything but boring as, based on the volume reading, it seems that Friday’s session was the most important session of this year.

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Gold and silver didn’t do much yesterday, but both remain close to their previous highs, even though the USD Index is close to its previous lows. What are the implications of this relative outperformance?

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In yesterday’s alert we wrote about how boring the situation in the precious metals market had become from the medium-term perspective and that it was not something that suggested further lack of action, but the opposite. The implications that we made yesterday remain up-to-date, even though gold, silver, mining stocks and the USD Index seem to have all returned to the levels they all saw just a few days before, thus further confirming the “not much changed recently” statement. However, how much did really change?

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