Metals and miners soared on Wednesday, but nothing like that happened yesterday. The momentum seems to be gone and there are already voices that this means that the rally is over. But is this really the case? Surely, the chart that shows the one-day stagnation can’t provide any insight, right? Wrong. In today’s alert, we show you just how meaningful a pause could be.

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In the previous alerts, we emphasized that a lot changed from the short-term point of view, even though price changes themselves were small and we argued that closing our short position on Tuesday had been justified. Mining stocks soared by over 3% making yesterday’s session the biggest daily rally since August. A lot has changed indeed. Will the rally continue for much longer?

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Gold’s price didn’t change much during yesterday’s session in terms of the closing prices. However, the shape of the session is meaningful as both metals declined initially, but reversed and came back before the closing bell. The reversal in the GLD ETF took place on big volume. Did we just see a confirmation that the bottom is in?

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At the first sight very little changed yesterday in gold, silver and mining stocks. They all closed a little higher and the volume in both metals was relatively low. However, just because the moves were small, doesn't mean the implications are. In fact, it was enough for us to change our speculative trading position. You'll find details and up-to-date positions in today's alert.

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