The precious metals market started the week with a big decline, but it was immediately followed by a relatively big rally. At the moment of writing these words, gold is even higher than it closed on Friday! Was the big decline just a local pullback on gold's way above $1,500?

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Gold didn't just move below $1,400 temporarily - it closed there. The yellow metal has therefore invalidated the move above this level, and - more importantly - it invalidated the breakout above the mid-2013 weekly closing high. This is already profound by itself, but if you wait several more days, there'll be more to come. You'll see even more overwhelming developments in the gold market. Unfortunately, after the dust settles and the most volatile price swings are over, the easiest (to trade) part of this move will be over...

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Much to the satisfaction of the cheering gold bulls crowd, the yellow metal had closed last week above the $1,400 barrier. While that appears bullish on its own, gold also formed a major reversal shooting star candlestick on a weekly basis. Which of these signals has proved more important? If you haven't checked today's pre-market price move, it might be a good idea to do so now. Gold is not only below $1,400, but also below $1,390. It's clear that the $1,400 level didn't hold, and that the reversal took precedence. This might be surprising to some, but not to you.

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The pause in the miners continued for one more day, and there was no decisive move in either direction. But that doesn't really matter - just like one swallow doesn't make a summer, an additional daily pause doesn't change the overall picture. What really matters today, is the closing price we get. That would be the weekly, monthly, and quarterly closing price. And gold moved over $1,400 just several days ago. Will it manage to hold these gains this day, this week, and this month?

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