The GLD ETF declined on relatively high volume, which serves as a bearish confirmation. Actually, we can say the same about the SLV ETF and the GDX ETF. In other words, the move lower and bearish indications were confirmed. Meanwhile, the USD Index moved very close to a certain point, which tells us a lot about the time in which the next big move in the precious metals may start.

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Yesterday, we saw more of what we had seen previously - USD Index moved higher initially and gold declined. Then USD moved back down and gold pulled back just a little. The underperformance along with its bearish implications clearly remain in place. The USD Index is now very close to a certain point, which tells us a lot about the time in which the next big move in the precious metals may start. Please sign up to read the full version of today's Market Alert.

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Gold and silver moved a little higher while the miners declined a bit on Friday, which makes the situation particularly interesting. We have adjusted our positions accordingly.

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Concerns over a currency war prompted the Group of Seven and the Group of Twenty to formalize what constitutes appropriate behavior by central banks in influencing currency exchange rates... Tough words for economies busy printing fiat money.

There can be no gold war, obviously. So let’s look into what influences the ultimate currency on the short-term:

• Surprising market correlations
• Upcoming turning point for the Dollar
• An unconfirmed breakout for Euro
• S&P 500 tests the support line again
• Crude oil tries breaking out above the declining resistance line
• Some strength but no breakout yet for the mining stocks
• How Platinum is likely to benefit from higher stock prices
• Silver declines, as expected
• Short-term breakout in gold

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The precious metals sector moved higher yesterday. Gold finally responded to dollar's weakness to some degree. The move higher was barely visible in case of silver and mining stocks. Just how low is the USD Index likely to move before it triggers the move lower in PMs? The cyclical turning point is about a week away and the above-mentioned level will likely be reached by that time.

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