One portends the other. The prior USD:GOLD trend would have had Gold getting demolished on a 0.6% move up in USD like today. However, for the last few weeks...major moves in the USD are shrugged off by the metals market (just as it was today).
Hence, if this is the last hurrah for the USD and it begins trending down again...that would seemingly add fuel to the PM rally.
HOWEVER...I've said this several times lately and I'll reiterate it again now...I do not like one bit how Silver refuses to join the PM party and get off the mat. That needs to change pronto. Although, it's very noticeable that it's the US paper markets pushing Silver down hard daily...as it's typically up overnight.
Miners are currently pausing and bull-flagging on several TFs. If that triggers soon, it's going to result in a quick move higher.
The measured move on the IH&S on GDX should take it to $21.00. Now that techs are resetting on intraday's...the next move should be soon (possibly a little more weakness tomorrow). Once it gets to this level...THEN, it's time to reconsider what it's going to look like.
None of the "free lead balloon rides" you've advertised lately have launched. ;-)
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