In yesterday's Alert, we explained that the reversals might be misleading and that while the end of the rally is likely near (in terms of time, not necessarily in terms of price), it's not necessarily over yet. Gold, silver, and mining stocks all closed higher yesterday, and we can say that miners' performance is still relatively strong compared to gold. But there's one thing that makes being long gold particularly risky at this moment...

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The USD Index reversed yesterday. Gold reversed yesterday. And silver? It reversed on volume that we haven't seen so far this year. That's a combination of classic sell signs for the precious metals market. And yet, even though the USD Index ended the session higher, gold and miners didn't decline. Is then all the above really a sell sign, or not?

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One surprising news was followed by another surprising news. First, Trump told the world about his plan to keep increasing tariffs on Mexico, defying his own party. Then, no hint of relief had come regarding the China trade dispute. Finally, we have got the Fed discussing potential interest rate cuts. Investors have aggressively increased their bets on such monetary policy easing. Gold definitely welcomed that idea. Is its breakout to new 2019 highs inevitable?

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Gold miners just erased over 50% of the 2019 decline, and almost the entire upswing took place in just two trading days. Just how much more bullish can things get for the miners? Or... Maybe the rally is not as bullish as it seems at first sight? Maybe we have already seen something similar in the past? Maybe more than once and maybe there are some key learnings from these similarities, starring us in the face?

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The French Revolution of 1849 gave us this saying: the more things change, the more they stay the same. Let's look at its usefulness for current situation in gold. In Friday's Alert, we wrote that the turn of the month and the corresponding reversal is most likely to be a topping action, instead of a bottom and that the next meaningful bottom is going to take place at a later date. Gold rallied, and so did the mining stocks. The volume was huge, so the question is if the upswing really ran out of steam on Friday? Gold just moved to new highs in early pre-market trading, so...

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