Precious metals retreat

Precious metals continue to retreat, with silver (which soared in July) taking the most painful beating. As a result, 92% of gold miners are now in a correction:

When this happened after gold miners reached a 1 year high, miners had a tendency to rebound in the week ahead:

Similarly, 88% of gold miners are now below their 50 dma:

When this happened after gold miners were at a 1 year high, once again miners had a tendency to rally over the next 2 weeks: