In yesterday’s alert we emphasized that it was important to wait for a confirmation before doubling some of our trading positions. Gold and mining stocks moved higher yesterday, but the volume was not big – can this serve as a meaningful confirmation?

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Quite a lot happened in the precious metals market this week and one of the most important events took place in the silver market. Namely, silver closed below its 50-week moving average and after previous analogous breakdowns (precisely, invalidations of the breakouts above the line) silver declined quite substantially (over $2). Will we see the same kind of performance shortly?

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Gold soared last week but it’s plunging this week. Today it even moved to $1,192 in the pre-market trading. However, since gold moved back up – above $1,214 (at the moment of writing these words) – the question is if gold’s decline was just a correction within the upswing or is the rally truly over.

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Gold soared last week, mainly on Yellen’s remarks on NIRP and we can say mostly the same about silver and mining stocks. However, the margins for gold futures contracts were increased at the end of the week (it was announced on Thursday) and gold gave away some of its previous gains. Was the decline anything more than just a small correction? Is the rally already over?

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Gold soared yesterday on Yellen’s remarks on NIRP and we can say mostly the same about silver and mining stocks (although to a smaller extent). What can we infer from this rally?

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