A couple of visuals on the gold sector for you.
If the rally in the broad stock market is something more than just an election week party then the Gold/SPX ratio would be vulnerable to another breakdown, as it hinted to do in October. Gold/SPX has lost the moving averages again and is testing the important support area. Again, if you believe ratios can have support, which I do. They just have more varied, nosier inputs.
We have had the downside (blue) gap on radar and an extreme blow off in macro relief could fill that gap, which came as the terror of Q1 was ramping up. It would be poetic, actually. That would not kill the gold stock sector, but it could go well with a drop in HUI to 280 or 260.
Here is another one to keep an eye on. The HUI/SPX ratio is fully intact and we have projected a test of the SMA 200 at least (which it has not even done). Anything at a lower high to the June low would keep this leadership indicator intact.
