Yesterday’s session and today’s pre-market trading changed quite a lot in the precious metals market on a short-term basis. Gold (yesterday and today), silver (today) and mining stocks (yesterday, perhaps today as well) rallied significantly and the million-dollar question is how much has just changed. Is the rally indeed bullish or has the situation simply become more overbought?

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During yesterday’s session nothing really changed. Gold, silver and mining stocks closed where they had closed on Monday. However, the volume that accompanied the intra-day moves was rather significant. Is it important?

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Yesterday, we commented on the miners’ lack of reaction to gold’s daily decline. Today we discuss the opposite as miners declined more than gold during yesterday’s session. What should one make of these contradictory signals?

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Gold finally declined last week and the decline took place on significant volume. To a large extent it corresponded with the move in the USD Index, which rallied in tune with its cyclical nature. Mining stocks haven’t moved lower, though. Are they showing strength or are they simply lagging gold at this point?

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The precious metals market once again hasn’t done much yesterday, but the intra-day action was quite interesting and so was the action in the USD Index. The thing that changed in case of the USD Index was its turnaround and the invalidation of the breakdown below the upper of the declining resistance lines. Will it finally rally this time causing big trouble on the precious metals market?

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