Gold is still hanging close to the $1,300 mark. Tensions with Iran remains high and the China trade dispute hasn´t been resolved so far. Yet gold hasn´t really gained since Monday. Neither silver or gold stocks. This short-term stalemate is getting long in the tooth. What kind of catalyst does the precious metals market need in order to wake up from its slumber? Better yet, does it need any catalyst at all? You may remember our recent exclusive article shining light on the truth about gold price triggers. Let's see how it fits today's situation.

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Gold hasn't had much success moving higher yesterday. Its breakout above the neckline of the previously completed head-and-shoulders pattern is close to being invalidated. Will that invalidation happen prior to or shortly after the Friday's options expiry? In assessing the short-term outlook, we also look at the gold miners-to-gold ratio dynamics. Will they lead both metals on their upcoming move?

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Gold soared on the possible escalation of trade wars. We have more than 2 weeks before the announced tariffs would come into effect, but since the markets are forward looking, they already discounted this in price. The general stock market fell, while gold and gold miners rallied sharply. Gold even managed to rally back above the neck level of the previously completed head-and-shoulders pattern. Moreover, gold moved above the declining resistance line based on the 2019 tops at the same time. The volume on which it all happened was huge - the biggest daily volume on which gold rallied so far this year. How bullish has the situation really become for the short run?

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We had warned you about the miners' bluff and we hope that you heeded it. Gold is still testing the neck level of the head-and-shoulders pattern, but silver is already back at its 2019 lows, while miners broke decisively below them. It may seem that the miners have declined enough and that a rebound is imminent from these levels. Should you hold your breath? Are we on a doorstep of a tradable rebound, or it ain't here just yet?

To answer that, let's turn to two analytical gems that have served us so well in the past. Not once, but many times.

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