Gold rallied significantly before the US markets’ opening – more than $17 and broke above its declining resistance line. Is this move really that bullish? Is the breakdown in silver still meaningful? Should one re-open the short position in the mining stocks? In today’s alert we take a look at the situation and discuss these important questions.

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Silver plunged below its critical support level and is now cheaper than it’s been for more than 4 years. This is a HUGE development and something that all precious metals investors absolutely have to pay attention to and take into account while making decisions regarding the precious metals market. In today’s alert we discuss the implications of the breakdown and other important developments that have just happened on the precious metals market.

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The precious metals market moved lower today (in the pre-market trading) after yesterday’s small upswing. Taking the last 2 days into account – gold and silver moved lower. Interestingly, the USD Index moved lower yesterday and moved a bit higher in today’s pre-market trading. However, the move on average (taking the last 2 trading days into account) was also to the downside. The precious metals market simply refuses to react to dollar’s short-term decline. What are the implications? Are things really as bad as they appear to be?

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The central bank left interest rates unchanged and continued to cut the quantitative easing program, by another $10 billion a month, as was expected (all in all, nothing really surprising happened). In response, gold and mining stocks plunged and silver declined a little. Taking profits off the table and closing the very short-term long positions turned out to be a good idea as the sector declined visibly in the final part of the session. With the breakdown below the May lows being confirmed, will we see further weakness?

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Gold and silver have recently moved below their June / May lows and the mining stocks moved below their 61.8% Fibonacci retracement level. These moves had not been that significant, as they had not been confirmed. It changed yesterday as they have all closed below the above-mentioned levels for the third consecutive trading day and confirmed the breakdown. Will we see another violent downswing?

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