Gold and silver should be reacting positively to the falling dollar soon.

I don't know why anyone in their right mind would ever compare a piece of colored paper to a gold coin but they in fact do.  In my opinion, it's like comparing a house fly to a 747 jet.  You can do it if you like but it is sort of delusional and a practice best left to insect lovers.  Still, people do compare the dollar to gold and the dollar does rather favorably for being essentially worthless.  Such is the power of a promise to the herd.  you can get people to do almost anything if you just promise to pay them later.

In any case, the dollar has broken an important support and has subsequently back-tested that support turned resistance (STR) line from below.  The UUP chart is used as a proxy for the US dollar index.  As you can see from the chart below, support was broken but not retaken.  For the world that likes to talk about gold in dollar terms (as if that made any sense at all), this suggests that gold should be going up in dollar terms real soon now.  The federal reserve and other central bankers can manipulate this, but only to a degree.  Manipulation is costly and carries risk.

This analysis is invalidated if UUP can re-take the STR line.  It's still possible that the count turns out like this instead.  Perhaps that is what the gold market is waiting to see: is UUP going to break out and then get an inclining double bottom?  If so, metals could get whacked again.  I personally hope metals go lower since my entire retirement depends on me collecting a lot more of it.  I'd hate to be buying it at higher prices instead of lower ones.