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Gold Price, USDX, and stocks: the winds blow but the mountains stand strong

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Gold Price, USDX, and stocks: the winds blow but the mountains stand strong

No market moves up or down in a straight line, and there are pullbacks, pauses, and corrections. See, one doesn't invalidate the trend.

This is bearish, and so are the implications for the precious metals sector, especially for junior mining stocks. The USDX is slightly down in today's pre-market trading while gold and silver are slightly up, but that's rather normal – every price move has breathers.From the weekly point of view, nothing really changed yet, so the situation is pretty much as it was after Friday's close. And the outlook after Friday's close was exceptionally bearish due to the weekly reversals.

So, just like what we saw in stocks – the current action is normal. It's part of a bigger bearish pattern.

 

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