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In yesterday’s alert, we explained why mining stocks’ strength was not to be trusted and the market agreed with us. The precious metals sector declined and the HUI Index – proxy for gold stocks – moved to new monthly lows. Friday’s strength was therefore completely invalidated. But, since gold’s and mining stocks’ cyclical turning point is tomorrow and gold is already at our target area of $1,250 - $1,260, one should still prepare for a rebound. But, what does the above mean exactly? Should one take profits from their short positions and prepare for opening long ones?

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Gold stocks outperformed gold on Friday and we had previously written that this is the kind of the bullish confirmation that we would be looking for in order to take profits from our short position or even enter a long one. Is this really the case and will we see gold much higher shortly?

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Yesterday’s session was tense. There were factors supporting a reversal in gold, silver and mining stocks, but the strong, medium-term trend was in place, so it wasn’t obvious what kind of action was best to take from the risk to reward point of view. Consequently, it all depended on the confirmation that could have been seen during the session. And…

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The decline in gold, silver and mining stocks continued yesterday, further increasing your profits on the current extra-large short position. But, since gold is already in the $1,260s, and our target area is $1,250 - $1,260, one should prepare for a nearby reversal.

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