Forex is only one factor on earnings. Momentum in the whole sector is decided by POG in USD. Relative valuations based on earnings or resources of individual stocks can be measured for RSI against anything really. So why can't a gold stock running on a PE of 10, run at 20, if the sector decides to value future earnings against perceived future prices and known resources. In boom times gold stocks are valued at $ of oz in ground, because the current earnings wilt into nothing.
So SY's premise is correct, IMO. One day when I'm feeling motivated, I'll document the performance of RSI of gold stock indices against POG to predict trend changes.
