Gold moved higher just a little yesterday, but that was enough for mining stocks to rally more visibly. Silver, on the other hand, declined modestly. Which of these markets is showing the true direction in which the entire sector is about to move? Multiple short-term signals combined with the big, medium-term signal from the Japanese stocks paint a quite clear roadmap for the coming days and weeks.

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How high can gold rally? To $1,270 - $1,290. That’s what we wrote on December 14. Stockcharts’ intraday high for yesterday’s session is $1,271.40, which means that our target area has already been reached. However, gold will remain in the target area even if the rally continues for another $20 or so. Which scenario is likely to play out and when is it likely to play out? Gold’s chart provides answers.

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Gold, silver and mining stocks barely moved during yesterday’s session, but does it mean that the session was boring and without meaning? Boring – yes. Even very boring. But we still saw an important signal.

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Gold has been moving higher for a few days but the volume is getting weaker. This is quite often a sign that the buying power is drying up. That’s what heralded the October top in gold. Will this time be any different?

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After three weeks of declines, gold finally moved higher last week. Was this move surprising? Not at all, if you read our analysis of the previous week’s huge decline in platinum. The sizable slide in the latter was likely to trigger at least a small rally and that’s what we saw last week. However, gold reversed quite clearly on Friday and shooting star candlesticks, as these sessions are called, are signs of a reversal. Did we see one?

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