The current level at the time of writing is 87.63 and trading slightly above the 200 day moving average at 84.60. Gold has gained significantly since the beginning of July 2024 when the ratio was at 76.60, however bearish divergence in the 14 day relative strength index is beginning to show up on the daily charts.
A double top formation would be confirmed of a break below the 84.40 level and put focus on the Fibonacci 61.8% retracement level at 81.54, based on the recent 76.60 - 89.53 range.
Disclaimer
Our opinions are not a recommendation to buy or sell a security. Your decision whether or not to open a transaction should be based on your own due diligence and not on any representation we make to you.
