The golden rollercoaster just moved past its highest point and is about to accelerate –make sure you’re buckled up for this exciting ride and enjoy it. The best thing about this ride is going to be its end, which will present the ultimate buying opportunity. Before that happens though, we’ll have multiple occasions to reap some short-term profits. Well, we’re already reaping them with our current position, but it looks like it’s just the start. Let the fun begin.

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“Yesterday’s session was one of the most boring sessions of the year – nothing happened in gold, silver, mining stocks and not even the USD Index made any kind of meaningful move”. That’s what appears to be the case at first sight and that’s what we also thought, initially. Looking deeper, we found something that had not been seen in years, but that preceded almost identical developments many times in the past. In other words – it’s something nobody interested in the precious metals sector wants to miss.

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More than two weeks ago, we described the very specific and very important pattern in the gold market, one of short- and medium-term importance. We wrote that the triangle apex pattern based on the intraday highs, pointed to a major reversal in the first half of March. The first half of March ends this week, so the key question is if the pattern was invalidated or are we about to see a major reversal in the price of gold.

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Gold, silver and mining stocks have been moving back and forth in the past few days and the overall volatility declined significantly. This may be viewed as an indication that the big price moves are nowhere close and that it's pointless to be watching this market at all. The reality is exactly the opposite.

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In the alert that we posted last Monday, we warned that Friday’s session was likely to be volatile and tricky. This seems to have indeed been the case for silver. The white metal declined early in the day only to rally almost 40 cents from the initial low. In our previous alert, we discussed the possibility of silver topping at about $16.65 and this level was reached. Is silver about to take a dive just like it did in late November 2017?

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