Mining stocks closed above the short-term resistance line for 3 consecutive days, which means that the breakout is now confirmed. Gold and silver didn't follow in miners' footsteps and remain below their resistance lines. Are miners leading the way and is today the final chance to get aboard before everyone else does?

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The precious metals market moved lower yesterday, but was that enough to make the situation much more bearish? Gold failed to move above its declining resistance line, miners are about to confirm their breakout (but not when compared to gold's moves) and the outlook for the precious metals sector seems unclear. There is, however, there is one factor that seems to be coming into play, a factor we saw in the past before 2 significant events in the precious metals market. How will the market react this time? Is it any different?

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The situation in the precious metals sector remains tense – miners have broken above the declining resistance line, while gold hasn’t. However, taking Friday’s intraday move in the USD into account, we can say more about the gold-USD link. In today's alert we dive into both issues and also discuss the signal coming from junior mining stocks. What kind of move in the precious metals sector are the above factors likely to generate?

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Yesterday was one of those sessions when we were glad that we were out of the market. The sharp drop in the first part of the session perhaps made one think “why am I not shorting this?!” but the subsequent, even sharper, move up could have made the same person think “why wasn’t I long before this?!”

The truth is that yesterday’s session could be called “the stop-loss killer”. Whatever position one would have had on Wednesday, it would have probably been closed automatically at an unfavorable price yesterday.

What can we infer based on yesterday's volatile moves? The silver's intra-day reversal on huge volume and the miners' sudden underperfomance are only two of the important factors that we discuss in today's alert.

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The GDX to GLD ratio, meaning miners' performance relative to gold, moved sharply higher in the past 2 days. Moreover, yesterday’s rally took place on big volume. That’s something that stands out and correctly catches the eye of gold and silver investors. It looks very bullish at the first sight. Is it?

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