Radio Frequency Identification (RFID) is a solution for automated inventory and object detection applications. However, if RFID tags are attached to metal objects, detection errors may occur due to Foucault currents and interferences caused by multiple simultaneous reflections. Errors may increase if metal objects are moving. The paper presents a novel algorithm using RFID low-level reader variables, such as RSSI (Received Signal Strength Indicator), phase angle, and Doppler shift, to detect and trace metal objects. The algorithm was designed to identify if a tag is static or moving and, in the latter case, to compute its speed and direction. The algorithm differs from previous approaches since it uses a simple setup with one commercial portal reader coupled with one single element antenna. Experiments employed one tag located on one metal moving object and 12 static interferer tags, in both outdoor and indoor locations. Results show that the algorithm identifies static tags with no errors. For moving tags, the algorithm shows a maximum 12% error. The algorithm correctly estimates direction and computes object speed. Test conditions emulate fork lift speeds when carrying objects in an industrial warehouse.