Gold declined yesterday and the rest of the precious metals sector followed. Silver stocks are even quite close to breaking to new 2018 lows and gold stocks just confirmed a critical move that happened last Friday, which has very important implications going forward. However, this week’s turning points are about to come into play – what’s likely to happen?

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Practically nothing happened yesterday in gold, silver, mining stocks, USD Index, EUR/USD, and USD/JPY. Nothing happened in terms of the daily closing prices and we didn’t see much action intraday either. Yet, it doesn’t mean that there were no implications. Conversely, in case of one part of the precious metals market, the lack of action was very important. And it has impact on the short-term outlook.

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The top in the precious metals market is in and there’s no doubt about it. Many daily gains were erased during just one session and those who were prepared profited significantly. You were. Still, let’s keep in mind that no trade is definitely good or bad until its completed. The question, therefore, is if we are close to a good exit price for this trade, are there no meaningful support levels nearby that could trigger a corrective upswing? In other words, the question is about gold’s near-term downside target. The even more important follow-up is what to do with this knowledge – should one prepare to exit the short position shortly, or should one see right through the correction?

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Silver soared, while gold and mining stocks moved higher and reached new monthly highs. All that despite a move higher in the USD Index. It seems to be a clear bullish combination for the PMs. The moon appears to be at hand. Is it the last chance to jump into the precious metals market with both feet?

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