The USD Index started the week with yet another decline, however, this time, precious metals refused to really react to this bullish signal. Gold and miners were unaffected, but silver moved somewhat higher – what can we infer from these moves?

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Last week all eyes were once again on the USD Index as its decline continued. The USD even reached the 93 level even though it was at 100 only a few months ago. Gold responded by moving higher and so did mining stocks and silver. Are there any signs of an upcoming reversal or is the USD truly doomed?

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It was just two days ago when the USD Index plunged and gold stocks soared and it didn’t take long for both moves to be reversed. Both markets gave up parts of their previous moves, but none of them was erased entirely. Which implications – bullish or bearish – will prevail and in which direction will the precious metals market head in the short term?

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All eyes were on the U.S. dollar yesterday as its index plunged about a full index point. The precious metals reacted by rallying and mining stocks finally managed to rally substantially and on huge volume. What can this strength in mining stocks along with the dollar’s slide tell us?

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In yesterday’s alert, we wrote about the mining stocks’ huge decline that we saw on Monday and during the session the decline was somewhat invalidated. Moreover, silver outperformed gold as it refused to decline, even though gold moved lower – is the uptrend back? As it is usually the case, the context provides us with the key details.

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