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And – unlike most market participants – you’re not
surprised.
You’re not surprised by the fact that miners declined more
than gold and silver, either.
GDXJ just moved to new March lows while gold and silver are still
not there.
That’s what happens when the USD Index rallies and stocks
decline at the same time. This is the case today, and the size of
both moves is not that significant. This is a change in the
following weeks as both: USD and stocks are likely to move in a big
way – USD higher and stocks – lower.
Yesterday, I argued that improved employment numbers were not that important (as
they were still weak) as the intraday reversal in the GDXJ –
today’s decline indicates that this was correct.
And remember how I wrote that due to higher correlation values, silver and miners
would be likely to decline more when the USD Index rallies? We see
this in practice today.
As for today’s signals, I wouldn’t say if the
faster-than-average decline in the GDXJ is more important than what
we see in the USD Index
It doesn’t matter, though, because they both point to the same
thing – more strength in the USD and lower prices in miners.
The important detail that we see on the above USD Index chart is the
verification of the breakout above the declining resistance line.
This is a perfect confirmation of the already-bullish setup based on
the short-term cup-and-handle pattern and – of course –
based on the long-term and medium-term indications.
Thank you for reading my today’s free analysis that’s
based on today’s Gold Trading Alert, which includes also key
trading details. I’ll continue to send you occasional updates
and, as always, I’ll keep my Gold Trading Alert subscribers informed at all times.
Thank you.
Przemyslaw K. Radomski, CFA
Founder
Golden Meadow®
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