Gold, silver and mining stocks moved back up yesterday, so the key question is whether or not the situation improved or deteriorated. The USD Index moved initially higher yesterday only to give up a large part of the daily gains later in the session. Even though it ended the day slightly higher, so did metals and miners. How meaningful is this sign of strength?

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Gold, silver and mining stocks declined yesterday after a streak of uninterrupted daily gains. The RSI indicator based on gold's daily closing prices moved back below the 70 level after being overbought. In August 2013, after gold’s previous significant rally, that meant the beginning of another downturn. There’s one more similarity. In both cases gold consolidated a bit in the middle of the rally, more or less between 38.2% and 61.8% of the rally. Is this the start of the decline or at least a more meaningful correction?

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Not much happened in gold and mining stocks this week, but silver moved higher. We sometimes saw this type of divergence right at the local tops, but it was not an extremely reliable sign. In today's Gold & Silver Trading Alert we take a closer look at what actually happened and analyze it along with the situation in the USD and Euro Indices. In short, not everything is as bullish as it appears at the first sight.

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Gold, silver and mining stocks have broken above their declining resistance lines and have done so on volume that was not small. However, the Euro Index is very close to a long-term resistance line and the USD Index also looks like its about to rally. Can metals and miners rally despite the significant threat from the currency markets? Naturally. But is that likely? We discuss this issue in greater details in today's alert.

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The USD Index declined to the 80 level today and both gold and silver reacted very positively. However, strong medium-term support could trigger a rally in the US currency. Just how safe is moving back to gold and silver given this threat? You'll find our view on this topic along with the analysis of silver, mining stocks and related markets in today's alert.

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