Metals’ Reply to USD’s Small Rally

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Source: Metals’ Reply to USD’s Small Rally | Przemyslaw Radomski | Safehaven.com

By Przemyslaw Radomski

Gold, silver and mining stocks finally moved lower after several days of higher prices and one can say the opposite about the USD Index. Was this just a pause or a beginning of a bigger downtrend?

The latter is quite likely and the reasons come from the precious metals charts as well as from the one of the USD Index. In short, the points that we made in the previous alerts this week remain up-to-date, especially those that we discussed yesterday regarding the “when” factor. We will move to this issue in a few minutes and in the meantime, let’s start today’s discussion with gold’s short-term chart (chart courtesy of http://stockcharts.com).

Gold

(Click to enlarge)

Gold moved visibly below the April highs and also below the rising red support/resistance line based on the daily closing…

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