I have conducted this type of analysis previously and you are correct in supposing that they do not always align. A plot that shows a major producer, a junior, A$POG and US$POG against the indicator is revealing. Your choice of producer and junior. I can tell you that the producer will align with the indicator in direction for the most part. Gold is similar for direction but not scale. I will put the chart up over the weekend.
The indicator is designed to help in stock timing and any gold alignment is incidental.
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