When one looks at gold and silver prices and their moves yesterday, it might seem that nothing happened in the precious metals market. That’s far from the truth because the real action took place in mining stocks. Several weeks ago, it was the miners’ strength that heralded the rally in the whole sector. Will we see one also this time?

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Gold started the week with a pause after Friday’s meaningful intra-day volatility. Can a daily pause change something? It turns out that a day can indeed make a difference.

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On Friday gold moved well into our target area and then reversed. Is the local top in?

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Yesterday’s market session was one of the weirdest in a long time – gold rallied while silver declined. There are times when one metal laps the other and there are times when one lags the other, but it’s very rarely the case that they close the session with different results. In today's alert we discuss the implications and the short-term outlook for the precious metals sector.

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We summarized yesterday’s Gold & Silver Trading Alert by writing that the odds for a corrective rally were relatively high. We didn’t have to wait much longer for a confirmation. The precious metals sector – especially gold and mining stocks – moved sharply higher yesterday. We even saw a breakout above the short-term resistance line, and the volume was not low. Is it enough to start a bigger upswing?

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