Because why not? The inverse of our old friend Amigo #1 (SPX/Gold ratio) is a primary macro indicator, after all. When last we looked at SPY/GLD we noted a less than stellar setup. That must’ve meant that GLD/SPY was constructive at least to end its consolidation. Here’s the current view.
No trend change and daily RSI and MACD are still in the red but RSI looks sneaky okay and MACD is triggered up. I still have a level of concern about how overbought Gold/SPX became in December (ref. the 2016 event), but the macro will decide whether that was a fatal overbought (as in 2016) or an initial impulse with more to come. If more is to come it’ll need to come fairly soon.
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