Nominal Gold & Gold-Oil Ratio
Gold is getting into an area at which it could take a hit at any time. This would be healthy and perhaps add sustainability. The chart says our 920 target remains locked and loaded, but I would rather get there with a little angst in the mix as opposed to a hyped up blow off. Shorter term indicators are becoming over bought and a test of the breakout to all time highs would be healthy.
It is interesting to note that oil's all time highs are being jiggered in the media to adjust for inflation and not panic people (it's only at the 1970's levels!) while the barbarous relic of the past has not nearly kept up with inflation. "Who would own such a bum asset?" asks the average paper pusher. This is a big part of the reason for our $2000+ eventual (years out) target; catch up moves can be a bitch. Meanwhile, in the here and now, we await a break of the downtrend in the Gold-Oil Ratio. Here is a chart with an interesting correlation to the USD for your consideration.
PS: I am aware of all the typo's on the charts - it's early. ;-)