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  • The ratio (Cash Gold/Comex Copper) fell from 6.48 (6 Sep 16, 8yr high) via a 2-1/2mth double top under 5.09 (18 Apr/6 Jun highs) to breach a multi-tested 10-year rising trendline at 4.50
  • Given the deteriorating daily-monthly studies, watch for initial tests of the 2016 low at 4.35 (posted 15 Dec, also the 2-1/2mth double top minimum target)
  • A sustained break of the latter risks 4.01/4.03 (30 Apr 15 low / .5x 6.348/4.35 off 5.09), under which exposes 3.77/3.79 (5 Nov 14 low / .618x 6.48/4.35 off 5.09)
  • From here only a break over the double top trigger at 4.72 (1 May former low) would offer initial relief back towards 5.09

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