Yesterday's session was not something spectacular from the regular perspective, but the fact that this was the first session when gold did not decline visibly this week, makes it rather important. The question, of course, is, how important. Did we just see a daily reversal, or was that just a pause within a bigger downswing? This is the key issue that we deal with in today's alert.

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Gold, silver and – finally – mining stocks have declined strongly once again and it’s become clearer that Monday’s downswing was no accident. Is the situation bearish enough to bet on lower precious metals prices or is this the final chance to enter longs? What's likely to happen next? The analysis of gold, the GDX ETF, and currency indices provides us with answers.

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Yesterday’s session in the precious metals market was very specific and important. The first part of the decline materialized even before markets opened in the U.S. and later on the bearish price moves were also confirmed by U.S. investors. The decline materialized on significant volume and without the dollar’s help. Sounds very bearish. But is it?

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The situation was rather unclear after Thursday's closing prices came in, and it seemed like the critical thing would happen on Friday. It didn't. Instead, the most important thing happened during today’s pre-market trading. Gold declined visibly and so did silver. We don’t know how mining stocks will perform today, but it’s quite likely that they will decline as well. Have we just seen a local top?

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Yesterday, we wrote that the previous session had changed quite a lot in the precious metals market, but what happened yesterday was way more important. Gold soared in pre-market trading but gave away a large part of the previous gains and miners actually lost almost 2% even though they rallied initially. Meanwhile, silver moved MUCH higher. What's going on and how to take advantage of it?

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