The Gold/SPX ratio continues its way upward, after breaking above the SMA 50.
Here’s the larger view for more perspective. As yet, considering all that resistance traffic above it is a macro indicator that shows this month’s darkening, but not yet conclusively the end of, the stock market rally.
As a side note, I am watching Semiconductors closely (SOX is on the verge of a breakdown) and lets add Semi/Tech intensive Taiwan to that watch as it breaks down.
Meanwhile, HUI is still doing what it needs to do to change its trend relative to broad SPX. It’s actually ticking a new high off a potential low.
As stated previously, if a real problem develops in stocks, the miners would be vulnerable to indiscriminate and/or forced selling. But this is what we have anticipated relative to the stock market and so far a higher low in HUI/SPX is holding up.