Okay, so I lied. Markets did not struggle any more over the perniciously-designed discount rate hike than the perniciously-designed IMF gold sale announcement. Precious metals, in fact, completely brushed aside the news and posted new rally highs. Silver was especially strong, gaining nearly 3%. After a small opening gap down in stocks, the S&P 500 rallied back and managed a close over its 65DMA.
A close above the 65DMA without a test of the low is a very positive sign. The fact that precious metals overcame seemingly negative news on back-to-back sessions... and even set new rally highs... is very positive news. Also, the fact that the dollar index gave back nearly all of a large intraday is very positive news.
Everything is lining up very nicely for our spring rally is precious metals and miners to kick into high gear. I suppose the one negative bit of action from yesterday's session comes from the lagging performance of mining shares. However, yesterday was an opex Friday, let's see what a new week can bring.