Gold stock sentiment indicator. Banks continue to wind back expectations of future gold price. When POG was below $1,800, spot was trading a few dollars above futures. That pressure appears to have eased somewhat. I suspect gold wants to trade around the $1,820 area. The February contract is pretty well done and dusted and no significant damage. The real issue for the Aussie gold and gold stock holder is the rise and rise of the AUD. Could it have anything to do with the Aussie wages price index popping higher than expectations? Any sign of a wages breakout and inflation is a given. Leading indicators have hit 60% which is pretty high and shows a broad-based uptick in gold stocks. If it stays at these levels (above 50) then we are in for a nice little run with gold soon to follow. Might also mean the AUD is about to roll over. Adds a bit of spice to analysis but drawing a bit of a long bow here. The 10 dma seems unable to hang around below the 30% mark. Did a bit of shopping today - bit like a boxing day sale with so much to choose from at marked down prices. Here is the indicator. .
