Taking profits on our short positions and closing them on Thursday turned out to be a good idea. Gold, silver and – on an intraday basis – mining stocks moved higher on Friday, while the USD Index declined. But, is the rally over after just one day? Not likely – gold’s and miners’ turning points are likely to result in something more than just a daily rally. So, how high is gold likely to rally this time? That’s what we discuss in the following part of today’s alert.

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The USD Index broke above three resistance line earlier this week and just when everything seemed well, we saw a massive reversal after the USD touched its 38.2% Fibonacci retracement level. Gold, silver and mining stocks all reversed and since it was accompanied by big volume and happened at a major cyclical turning point, the implications were very bullish. Quite a lot changed in final part of yesterday’s session and we even sent out a second Gold & Silver Trading Alert, in which we substantially changed our trading position. In today’s alert, we discuss the details behind this decision and the outlook for the upcoming days and weeks.

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Gold stocks (the HUI Index) declined substantially on Tuesday, closing at new 2018 lows. We wrote that this was a bearish event, but that another upswing could still take place shortly based on the analogies to the previous volatile declines. But, this was before yesterday’s session, during which we saw yet another daily decline and a new 2018 low in terms of closing prices. This gives the mentioned analogies a specific twist.

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The HUI Index just closed below both 2017 and 2018 lows. The interpretations of many developments in the market are vague and subjective. But not major breakdowns. Gold miners just showed exceptional weakness by closing at new lows even though gold is still above $1,300 and the S&P corrected more than half of its recent sharp decline. Can anything save the precious metals sector from falling further?

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