Even though almost nothing is happening today, this “almost” does provide us with a small clue as to what’s next.
The thing is that at the same time:
- Gold is slightly down
- Silver is slightly up
- Miners are slightly down
- Stocks are slightly up.
This means two things:
- Silver is outperforming gold on a very short-term basis
- Miners are underperforming gold despite getting support from the stock market.
Both are bearish short-term indications for the precious metals market.
USD Index holds strong
Additionally, while the price of gold invalidated its breakouts, the USD Index – quite surprisingly – didn’t.
Yes, while I have been writing about the USD Index’s likely strength and bullish outlook overall, this kind of resilience is surprising even to me. I thought that we’ll see a bigger correction now – after all, the USDX soared by 8 index points without a bigger…
