The precious metals sector moved higher and we saw small breakouts in gold and mining stocks. What does it mean for the following days and weeks?

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In our Friday’s alert we wrote that one shouldn’t expect to see any real action or change based on Trump’s inauguration – the chart action confirms that indeed nothing really happened. However, this doesn't mean that the outlook is unclear - we discuss the details in today's alert.

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Unless gold rallies strongly today, we are going to see a weekly reversal in gold. Are the implications really as bearish as it appears?

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In yesterday’s alert, we wrote that the decline in the USD Index was likely a temporary phenomenon based on the investor’s needless overreaction – the USD reversed and more than erased this week’s decline. The metals’ reaction was also in tune with our expectations – they reversed. Was this just a one-day phenomenon or can we expect more declines in the following days?

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Rallies are generally viewed as bullish developments, but not always. Does “generally” mean “mostly” in the case of the most recent moves in metals and currencies? One of the exceptions is when a rally takes place right at or very close to a turning point. Will the proximity of the latter negatively affect the precious metals market?

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