A live (as of 9:52 US Eastern time) daily chart snapshot of the Gold/SPX ratio shows it holding right where it needs to hold, at support and a higher low.
Should it break down, it’s not the end of the world. It would likely mean a longer correction for the gold stock sector (thinking the SMA 200 on HUI in the 275-280 area) as the blue shaded fear gap on this chart yawns and says ‘fill me’. If the ratio holds here and turns up it would keep the sector’s primary macro fundamental indicator bullish and keep open the prospect that the correction would end sooner, rather than later. HUI is still below the SMA 50 but above the initial 325 resistance point we’d noted previously.