On a weekly basis if you chart gold vs. the S&P 500, gold is once again trying to test a falling 30-week moving average from the downside. This ratio chart has formed a bullish falling wedge with positive divergence in momentum for over a year now, which shows that gold firming up against stocks and possibly getting ready to start outperforming stocks again.
Gold vs. foreign currencies is even more interesting as it has formed a tight coil inside a symmetric triangle pattern with positive momentum. This could be the first sign that gold is about to enter a global bull market again as it tends to start outpeforming foreign currencies first before the U.S. dollar.
