Not only did the Gold/Silver ratio recently hit a major support zone* (as shown in NFTRH 605) during this market sentiment rally, but so too did the Gold/SPX ratio drop to a level that would be a strong candidate to end the pullback (and the macro party) as Gold/SPX hit the up trending SMA 200 before making a big pop today. This is not macro positive for the risk ‘on’ contingent (evidently very well manned by newbies using something called Robinhood). I heard Captain Obvious saying that.
* Ratio indicators can have support and resistance because they are areas of former activity. There are more moving parts in a ratio indicator, but the concept is the same.