What a fast reversal in gold we say yesterday! That's certainly a far cry from the many less volatile sessions prior. The excitement in the gold community keeps rising, and in today's gold Alert, we'll look at everything that this gold rally has and has not changed. The exhaustive view throughout the precious metals'sector will show you clearly where we stand on this matter. And why.

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In yesterday's analysis, we wrote that based on the short-term zigzag, we could see some more upside in gold in the short run. And we did. Gold just moved higher and it even managed to break above the previous highs. But the other thing - the more important one - that we also wrote yesterday, remains up-to-date as well. In addition to the above, we have prepared more details giving additional guidance. The key detail is how high gold is likely to go and what's likely to happen next in silver, and mining stocks.

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Similarly to Thursday, Friday's session didn't bring much of precious metals' moves. There's little new to say on the day-to-day action in the USD Index as well. But there is a specific pattern of price moves to comment on. The zigzag. In today's Alert, we'll look at it both from the short-term and long-term gold perspective.

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Precious metals barely moved yesterday, yet even no moves to speak of can be telling ones. The key is to put them into context with the preceding action. In today's Alert, we further look at the phenomenon of round numbers - we compare the 2011 break above $1,900 with this $1,500 break.

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In yesterday's Alert we wrote that gold was making headlines and while headlines-based moves are short-lived, they can be emotional and volatile. This meant that the $1,500-breakout-based rally was likely to take gold to the late-2011 and 2012 lows and since this was likely to take silver and mining stocks higher, we suggested re-entering short positions only after gold moves to $1,519. In short, that's exactly what happened. Gold futures soared to $1,522.70 and they moved back lower in today's pre-market trading.

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