NFTRH+; status of gold ratios

Here is the updated picture of the macro we want to see engage for a clear bullish macro-fundamental view of the gold mining sector.

Gold/SPX is constructive to have bottomed for its pullback/test. Follow-through up and away from the SMA 50 is needed.

Gold/ACWX (global stocks) is closer to doing what we want to see Au/SPX do.

Gold/CRB index is still going nowhere, however…

It is now commodities other than oil holding it down, and that is key for mining. Commodity rallies are notorious for rotations and that is what is happening as the relative bid appears to be rotating out of oil (Gold/WTI ratio), which is sporting what could be a ‘W’ bottoming or bounce pattern (within an intact downtrend, mind you but with a sweet looking RSI & MACD), while…

Gold/GYX (cyclical metals) has not budged from its downtrend.

Yet considering the sum of the above there is progress. More of it is needed.