Gold and miners rallied yesterday, but that was not the key action that happened. The key events happened in the USDX. Let’s still start with the former. Gold moved higher despite their two daily reversals, which was an unlikely move. It happened as gold was pretty much forced to rally, given the move lower in the USD Index. Now, whether this move higher is sustainable or not is a different matter completely. The fact that gold has already moved lower in today’s pre-market trading suggests that this is not where gold really wants to go. How come? Gold closed above the rising resistance line for just one day, while ... (full story)