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Gold, silver and mining stocks didn't do much yesterday, but in a way that's also significant, since it broke the streak of daily rallies. Did we just see a top in the precious metals sector?

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In the previous alert we wrote that it was likely that metals and miners would move higher before forming another local top and we didn’t have to wait long for this to become reality. Gold, silver and mining stocks rallied strongly yesterday and gold even reached the upper part of our previous target area – is the top in?

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We had been expecting the end of last week to be volatile and we carefully took profits off the table from our short positions early on Thursday and precious metals certainly turned out to be volatile. The employment numbers shook the market and resulted in multiple technical developments. The most important thereof seems to be a huge, weekly reversal in mining stocks, but let’s not forget about silver’s rally as well. What can we make of all this, especially that it happened without a corresponding slide in the USD Index?

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