Gold has continued higher yesterday and reached its 50-day moving average this time. Gold stocks had an intraday reversal higher while silver reversed lower. Does this mean that the precious metals rally still has more room to go? After all, we haven’t seen any kind of silver outperformance that would hint at exhaustion of the upswing. Or do we necessarily have to see such an outperformance to suspect a top in the making? In short, the changes are big enough for us to once again change our trading position.

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As we had expected, gold rallied, and it almost reached its 50-day moving average. Silver rallied as well, but it only reached its 20-day MA; its 50-day MA is visibly higher. Meanwhile, mining stocks appear to be gathering strength before attempting to break to new highs. Will they succeed? The short-term outlook has greatly improved based on the recent bullish reversal, but did it improve enough for miners to break to new yearly highs in short order?

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One may say that not much has happened last week in case of gold and silver, but it’s impossible to describe the action in mining stocks in the same way. Miners started the previous week with a slide only to come back with vengeance before the week was over, changing the short-term picture for the entire sector. The weekly price changes show little changes as long as you only have a quick glance at them, without really digging into details. We did much more than just a glance. We unearthed… a weekly record. Last week was not as dull – overall – as it seems. It was a record-breaker in one precious-metals-related aspects. And since the implications extend from short- to medium-term, it’s definitely something that PMs traders need to consider. And it’s why we’ll start with it.

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The market has been declining in tune with its previous trend for a few hours but after gold and… Then it happened. Silver reached the neck levels of their respective head-and-shoulders patterns, and miners insignificantly broke below their rising support line and they all started to crawl back up. The crawl became a steady walk and then it turned into a run. Before the closing bell’s sound, gold and silver were more or less back to their opening prices and miners were after a big daily rally. A lot has happened. But what changed?

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