GLD/SPY ratio needs to crack the daily SMA 200 and then hold above it. Then it needs a higher 2017 high. If those things happen, the gold sector is on its way in the eyes of US denominated investors.
GLD vs. European stocks is pretty much the same deal.
Gold vs. Canadian stocks is in an intermediate uptrend above the rising SMA 50.
Gold vs. Aussie stocks is more neutralish, but constructive.
Gold vs. Japanese stocks is looking much better after forming a gross looking pattern earlier in the year.
You can look at gold vs. commodities, currencies and bonds but to me the most important signs of waning confidence would be gold’s relation to the items that gained the most benefit from US and global Central Bankers’ off the charts experimentation. The above do not yet show a conclusively bullish turn; but hey, said turn would have to start somewhere.
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