Gold stock sentiment indicator. Producers slowly recovering but still a long way from hitting any resistance. That is not the same as the macros that are straight into resistance on a reversal. Goes some way to explaining the slow recovery in producer prices but I believe it leaves stock prices exposed to further attacks as there is little buying pressure. I always get a bit nervous when sentiment is rising like this with little movement in producer prices. Interestingly, many stocks are going into full-on accumulation mode. Again. Really need these resistance levels to be taken out in POG, XGD, etc for a new bull leg in the sector. US data is all over the place and emerging markets look like capitulating. Could be a rough period coming up in the markets. This alone could be the prod gold needs to get a move on. Inflation and negative real rates are being ignored. Bond market telling us nothing. Here is the indicator. .
