If the USDX fell so much, why didn't gold truly soar?

It's always darkest before dawn, and the feeling is most bullish before the top. Is the sentiment positive right now?The white metal soared, which is bullish… Only if one is new to the precious metals market. There were multiple occasions on which silver soared and broke above previous highs only to invalidate them and decline shortly thereafter. That's how this year's and last year's tops formed, for example.

One of the gold trading strategies is monitoring the market for the times when miners underperform gold and silver outperforms. That tends to happen close to and right at the tops. That's what just happened.Gold itself moved back to its 50-day moving average, which is in perfect tune with what we saw during the big 2022 decline. And in tune with what we saw in early June.The most bearish thing about gold right now is not visible on the above chart.

Why is all this happening? Because the real rates are increasing globally. Remember how lowering of interest rates and keeping them very low for a long time, along with rising inflation, was super-bullish for gold? We now have the opposite. So, yes, it's super-bearish.Yes! We just saw an intraday reversal, while the RSI indicator was pointing to the extremely oversold situation. This is practically screaming"buy!!!".

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