Where is the Gold/SPX Ratio?
Pallookaville my gold buggish friends. And that’s a good place for it amid the joy fest in progress in broad markets.
The daily chart shows the February fear gap having filled and the risk is definitely riding against stocks and with gold. But the problem being the technicals, for which Thing 1 is still bullish and Thing 2 is either intermediate bearish or in a long-term bullish consolidation, however you’d like to view it.
The weekly chart shows that the ratio hit a clear support area, but it also shows RSI & MACD burrowing southward. This is a patience play folks. It’s not gonna come easy.
The gold miners are not going to go anywhere without this ratio attending the festivities.
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