Very simply, the positive view of gold mining – if it is not to be interrupted – needs the Gold/SPX ratio to maintain its uptrend. In my opinion, gold’s ratios to stock markets have taken priority over traditional measures of the ‘real’ price of gold like Gold/Commodities, Gold/CPI, etc. The stock market is the economy now and investor psychology is diametrically opposed to its state in March. I think this means risk for stocks, not gold. But the chart will advise in due time.
This is a live snapshot taken just before noon (US Eastern). Au/SPX has dropped to test the up trending SMA 200. The major daily chart trend is up. All is fine.
What would signal not fine? A lower low to the June low. My job is to provide pictures of important indicators and their parameters, not to make predictions. But the trend is up as of this snapshot.