At the first sight not much changed yesterday. Taking a second look, however, reveals that the intra-day action was indeed meaningful. Gold touched 2 resistance lines but failed to move above them and miners have actually declined. One might think that this could have been the case due to a decline in stocks in general, but it was actually the case that the S&P 500 rallied visibly yesterday. Moreover, the move lower in the GDX ETF materialized on volume that was bigger than the previous day’s volume, even though the size of the move was smaller. Is it high time to get out of the precious metals sector?

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The mining stocks moved higher yesterday and gold rallied significantly. Silver paused a bit. The USD Index declined once again. Is the new trend already here or is this the final stage of the previous rally?

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Overall the precious metals market ended the week where it had ended the previous one, so at the first sight not much changed. However, taking a closer look reveals that we have seen a clue that helps us form more precise expectations for gold, silver and mining stocks.

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Once again, not much changed in the precious metals market yesterday – we continue to see back and forth trading and the question is if it’s a pause within a rally or a big top formation. Part of the reply comes from the analysis of gold and mining stocks, but part comes from outside of the precious metals world - the currencies might provide the confirmation that we need...

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While gold and silver didn’t do much yesterday, we can see that the price action in mining stocks was quite significant. The most significant part significant was the volume. It was not only lower than on the previous trading day, when miners declined, but it was also lower than what we had seen in the past few days when miners rallied. Is this a sign of a top or is the pause (almost?) over and the precious metals sector is about to soar?

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