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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The precious metals market moved lower yesterday. Both: gold and silver pulled back later during the session and it could be viewed as a reversal. Then again, the USD declined as well. In other words, precious metals didn't manage to move higher even when USD declined. Does the combination of the above imply anything? It does, and we adjusted our trading suggestions accordingly. Read today's Market Alert and see what and how we changed.

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Friday's decline in gold did not catch our subscribers by surprise. The previous small moves higher in gold were accompanied by much greater daily declines in the USD Index which was a sign of weakness in the precious metals. Did anything change? Is the decline over after Friday's move or at least close to being over? Not likely. How low can gold, silver and mining stocks go and how should you position yourself in this situation? Read today's Market Alert and find out.

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Market Alert sent on June 10th, 2013

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