The Gold/SPX ratio continues to look good today. The implication of a successful hold and upturn from the 200 day moving average would be positive for the gold miners’ investment case at best, and negative for cyclical and risk-on markets at worst.
As for that second option, I think that the Gold/Silver ratio (GSR) will have a lot to say in the matter. It has not done much yet, but it did hang tough earlier when the USD (its riding partner) was under pressure. Now GSR remains in a potential bottoming stance and USD has recovered its earlier losses and even gone green.
If Gold/SPX is on a continuation of its uptrend and if GSR/USD bounce significantly there could yet be some appreciable pain in the risk-on markets. If gold miners get hit in that case it would be a buying opportunity.