Conclusion........ The technical backdrop has clearly improved in light of gold entering an uptrend in major foreign currencies and against commodities. This is more or less in line with what happened at the beginning of the bull market in 2000-2001 (incidentally, the ratios of gold stocks to the broad stock market and various other market sectors have recently returned to the levels of 2000 and turned up from there)............... The fundamental backdrop for gold is not unambiguously bullish yet – just as some indicators have turned more bullish, others have turned more bearish, leaving an overall neutral situation in place. So there is still a wide range of possible outcomes, but considering the capitulation-like declines seen late last year, it seems to us that short to medium term strength in the sector is more likely." http://davidstockmanscontracorner.com/gold-is-getting-frisky/