To be honest, not much changed in the gold market yesterday as far as the price action is concerned. It is not the (lack of) price action in gold itself that is so important at this time - it is the context. In this case, we mean the USD Index. Taking into account the recent action in the index, it seems that something big and very important for gold and silver investors might be waiting just around the corner.

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Gold, silver and mining stocks declined on Friday and… The situation actually improved. This might be surprising, because declines are usually a bearish development. However, in this case the context is particularly important - taking it into account suggests that something big and very important for gold and silver investors might be waiting just around the corner.

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Not much happened in the precious metals market yesterday, but the session was more interesting in the case of the currency market. Since the moves in the USD Index are something that can greatly influence the moves in gold and the rest of the precious metals sector, monitoring changes in the index could be just as important as monitoring the precious metals market itself. In today’s alert we comment on changes in both of them.

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Gold rallied along with the USD Index (it was confirmed by daily closing prices) and both are now close to or at their important resistance levels. The rally in gold materialized on relatively low volume and miners are not above last week's high, which could indicate weakness ahead. Will we see another downswing or a breakout above the short-term resistance line in gold in the following days?

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Gold and the USD Index are rallying together today, but gold's outperformance is more than a one-day event. The USD Index closed yesterday about a whole index point higher than it had closed last Wednesday, while gold didn't decline overall. Is this the final bullish confirmation that THE bottom is in?

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