Backing out the trade noise and taking the charts straight up for what they are, here are gold’s ratios (and thereby, fundamental implications) using ETFs as the vehicles. Notice the green RSI on all items.
Gold/US Stock Market is not yet pretty, but it’s bouncing.
Gold/Global Stocks is better as it took out and held both moving averages.
Gold/Commodities is better still as it attempts to take out the previous high.
Gold/Oil is of particular interest to the people who dig the shiny stuff out of the ground and it is going bullish as nominal crude oil tanks.
Gold/Base Metals has been bullish (and of concern for the global cyclical inflation trade) since April.
Gold/Palladium pits counter-cyclical precious metal vs. cyclical precious metal. Thing 1 is still looking constructive vs. Thing 2.
A reminder about the proper gold sector fundamentals.
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