It's still unclear whether the ratio has become oversold enough by the monthly RSI. But the risk/reward situation favors silver over gold, regardless whether the ratio has bottomed yet.
When we look at the gold market, it's really gone nowhere for about a week and a half, two weeks. The pattern on the chart is still one of higher lows and a higher high.
I see a sideways market. When I put the swing line on, you can see you've got a pattern of higher lows and higher highs. That's the definition of an uptrend.
The short-term dip in rates indicated by our wave counts is likely related to a stock market tumble. The projected tumble and the following inflationary rise in rates are good for gold!
To speak fundamentally, the gold remains undervalued whilst the S&P severely overvalued. From 2001, gold outperformed the S&P (including dividends) by nearly three times! Gold wins.
