The key development that we saw last week was a major breakout in the USD Index and its confirmation in terms of weekly closing prices. The above seems to be very bearish for the precious metals sector and yet, the latter is not declining significantly. What does gold's and - especially - miners' strength tell us?

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The previous metals sector didn't do much yesterday, but the USD Index soared and ended the session at levels that had not been seen in 13 years. Will the USD's rally really continue despite the short-term overbought indicators? Will precious metals really decline in light of the above?

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The USD Index moved higher (visibly above 100) and precious metals declined a bit. However, despite the USD’s rally, it didn’t break above the 2015 highs, so there was no breakout. What's likely to happen in the following days in the USD and in the precious metals market?

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Gold, silver and mining stocks moved higher yesterday, even though the USD Index moved higher as well, which had bullish implications. Based on the closing prices and the rally in mining stocks that took place in the second half of yesterday’s session, it seems that closing our extra-large short positions and taking profits off the table early in the session was a good idea. However, that’s not the only thing that changed in the precious metals market and the area surrounding it – some signs are not as clear, but just as important.

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