In yesterday’s analysis, we explained how it’s possible for the precious metals sector to move higher in very short term and at the same time still form the next local bottom close to $1,250. The key part of the analysis was that this week’s turning point may turn out to be declines’ starting, not ending. We also argued that we could see a small decline in the USD Index and that might be enough to cool down traders’ emotions. It seems that we have seen just that, and now the question is: how soon can we expect gold to decline?

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The turning points for this week are looming and there was no meaningful move so far. At its beginning, yesterday’s session seemed to be a decline, but ultimately it turned out to be a reversal. The opposite was the case for the USD Index. So the question is: if the turning points have already played out and we have seen a short-term bottom in the PMs, should we still expect to see a major slide shortly and a true bottom later this week? In today’s alert we’ll deliver our reply.

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Gold, silver and mining stock prices haven’t done much in the final part of the previous week, but it doesn’t mean that it’s a good time to sit back and relax as nothing is likely to happen this week. Conversely, there are two apex-based turning points this week and it seems that the next several days will be anything but boring.

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Silver moved higher on Wednesday and also during yesterday’s trading and many precious metals investors and traders are likely hoping for a new sizable rally. Mining stocks, with gold’s help, have just killed this hope.

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In yesterday’s alert, we provided a big and in-depth analysis of the current situation in the precious metals market and we concluded that a major and sharp move lower had just begun. Yesterday’s session was not like that at all. Instead of diving, gold and mining stocks did nothing, while silver moved higher. Did the bearish picture just get invalidated?

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