It's apparent that this chart topped out at the 11.00 area. The neckline of this formation is the 9.60 level which gave way recently on a move down into the 9.10 area. On a daily basis, the MACD may be preparing to advance through its declining average line which would mean some relative strength back to gold versus the shares. Although this seems likely, for the ratio chart to move up it will have to contend with resistance at the base of the previous topping formation(960) and do battle with the 200 day average(265) which it is now under.

Currently, the average is at 9.64 trying to work through these areas. The seniors golds are well off their lows of the day which may indicate that the currect resistance area will hold and improving share strength may not be too far off. We'll see.

http://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24XAU

Silver has come into heavy buying with gold's weakness today of minus $14 and is actually up a few cents. It looks like some of the massive paper shorts that forced silver down from $35 last Friday have been covering.