Well I am back already… :-) with a couple different views within the precious metals complex today. First, I added some Fib retrace lines to the 5 minute chart shown earlier. The 62% Fib off of the ‘take a poke’ buy zone only adds emphasis to the shaded support area.
Also, the silver-gold ratio flashed a positive divergence as gold and the HUI dove right before a strong rally for the entire precious metals complex in early August (as noted by the yellow shaded area).
The silver-gold ratio is positive today and a potential divergence to the bearish sector activity.
Just a couple things to keep an eye on.