I’m gold’s PPT!

Using Fibonacci analysis.. we can see the health of the ratios… have they been moving down with both assets going down? or both going up?

From this view… HUI, XAU and GOLD have been moving up higher while the ratio is still in a lower retracement bracket.

Looks healthy to me for the precious metals complex. The ratio will eventually turn up, then you can be net long miners vs base metal.

For now, better net long the base metal.

Edit: gold isn’t at the zero retracement level… its at a Fibonnaci extension!!! Sooo strong.

Edit: adding latest run since last spring. Looks even better for the HUI.