Here is a weekly chart from NFTRH’s Market Internals segment showing Copper and Industrial Metals vs. Gold. In other words, showing cyclical metals vs. the metal of relative counter-cyclicality.
The ratios have unsurprisingly bounced along with the 2019 relief rally but a 1 year downtrend is still intact. Au/Cu in the top panel continues to have its weekly moving averages triggered down. If the indicator repairs itself, so be it, that will be the reality. But as yet it has not repaired itself after the Q4 2018 counter-cyclical signal.
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