from Gold Silver Worlds:
Gold – Where’s the Contratrend Rally?
Gold Spot price (GOLDS-1,178.59) carries an enigma in behavior over the past six months in that with the dollar rally, Gold went nowhere; with the stock market rally, Gold went nowhere. Both of these relationships are generally inverse in nature. However, from a Relative Strength perspective, the expected underperformance of Gold versus the dollar and versus stocks, has held 6 Gold has underperformed both.
Now with the dollar pulling back and the stock market mixed, Gold is still flat (see Figure 26). The potential for a Gold rally may still lie ahead, but at the moment there is no compelling technical indication, as both the monthly and weekly momentum models remain flat and indecisive.
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