Looks like yesterdays run-up was more of a short-covering rally than anything else. I suspected as much given that it occurred on relatively normal volume.
From Kitco's Jim Wyckoff this morning:
"Comex gold futures prices are trading moderately lower and nearer the daily low in late-morning dealings Thursday. The U.S. dollar index rallied in the wake of a better-than-expected U.S. weekly jobless claims report, which in turn put some added downside price pressure on gold. Gold prices remain trapped below a four-week-old downtrend line on the daily bar chart."
From Kitco's Pete Hug:
“I’m skeptical on the strength of this market however. I don’t see a lot of conviction to take these prices higher.” Watch video for more info
From The Indian Express (25-SEP):
"Gold, silver prices extended losses for the fourth-straight session here today on slackened demand amid a weak global trend. While gold fell further by Rs 25 to Rs 30,225 per ten gram, silver lost Rs 85 to Rs 48,940 per kg on lack of buying support from jewellers and industrial units. Traders said sluggish demand due to ongoing "Sharads", an inauspicious fortnight in Hindu mythology to make fresh purchases, mainly kept the precious metals lower."
From CommodityOnline. Came across this old article (FEB-2011) explaining gold / silver ratio, interesting reading just google "Gold-Silver Ratio: Silver value highest in five years" More recent article with detailed charts from Hubert Moolman "Silver Price Forecast: Gold/Silver Ratio Signals Much Higher Silver Prices". Google Moolman & title of article. I'm not very knowledgeable on the Au/Ag ratio & not sure about its accuracy as a trend / price prediction tool. Maybe someone familiar with this could comment.