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Gold/Silver Ratio Rally Fades Through Cash Equity Open

GOLD
  • Softer equity open provides another boost for spot gold to new session highs and a higher close today could spell the end of the six-session streak of lower lows for gold early next week. The 100-dma is the next upside level (1942.3) and strength through here opens the mid-June highs of 1968.0.
  • Sentiment swing clearly the driver for gold, gaining on softer equities, lower yields and a waning USD.
  • Despite the gold rally, silver is actually outperforming, tipping the gold/silver ratio into minor negative territory to seemingly put an end to the sharp multi-day rally in the ratio off the Monday low.
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