In yesterday’s alert, we wrote about the reversals in gold and gold stocks, but instead of a coherent decline in the entire precious metals market, we witnessed a move higher in gold and silver, while mining stocks declined. Was the only impact of gold’s triangle-apex-based reversal pattern, the reversal… to the upside that we saw early during yesterday’s session? Are the implications actually bullish? The very important sign for the silver market that nobody has commented on so far suggests that the major move is much closer than everyone thinks. The tensions are very high and today’s alert provides a roadmap for the following weeks.

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Gold and gold stocks’ reversal is upon us. The triangle-apex-based reversals in both parts of the precious metals sector suggest that the direction of the market is about to change. There might a problem with the interpretation of this signal, because the most recent medium-term move was a consolidation, but there is a very simple method that allows one to check what the true implications really are.

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In the previous analyses, we emphasized that the situation in the Euro Index was very tense as it was sitting on an important, medium-term support line. We wrote that a breakdown below this line, could trigger the decline in the precious metals sector. We saw the breakdown in the Euro Index yesterday, but instead of a decline, we saw a bullish reversal in mining stocks. Which sign should one trust? What trading position is justified in light of both developments?

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Gold soared yesterday, likely based on the escalation of the trade conflict between the U.S. and China, but after several hours the rally was over. The tensions didn’t really subside, but the price of gold is already about $10 below the price at which it was trading when yesterday’s rally had started. Is gold trying to say something? No. It’s not saying – it’s screaming.

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It was easy to get excited about Monday’s rally. Gold and silver soared, and the latter even moved to its late-March highs during just one session. But it was all fake, and you knew it – that’s what we explained in yesterday’s analysis. GDX even declined more than it had gained on Monday, underperforming gold once again. Is there anything that could prevent gold’s decline?

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