We saw a strong rebound in gold’s, silver’s an especially miners’ prices on Friday, but the rally didn’t continue on Monday. Instead, we saw more declines – is the corrective rally already over?

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It might seem odd after so many days of weakness, but we finally saw a strong rebound in the precious metals market. Gold, silver and – especially – mining stocks moved substantially higher (on strong volume!) after the initial decline, thus forming a strong reversal. The question to be asked today might not be how much lower can the PMs decline, but how high they can rally.

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The decline in the precious metals sector continues as expected. The last few days seem to have been just a pause, not a major bottom as gold and silver are moving lower once again and the USD Index seems to have formed a local bottom. How low can the precious metals sector slide before the final bottom is indeed formed, or at least a major corrective upswing?

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Yesterday’s session was first in many days when miners showed strength. They didn’t rally (at least not yet), but they managed not to slide even further, whereas gold did. GDX closed 0.28% lower while GLD declined by 0.54%, which might not seem like a big deal, but since it was miners’ underperformance that heralded sharply declining prices, it’s no wonder that investors and traders are looking for miners to lead the way also during the reversal. Have we just seen a sign of the bottom?

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