SP500 Outperforms Gold AgainFeb 9, 2023

SP500 outperforms gold again, as we see SPX/GOLD ratio chart turning up again after a sideways consolidation.

Many markets are recovering rapidly since start of the year, such as stocks, metals and cryptocurrencies, while USD is losing its power. Well, seems like risk-on sentiment is back, at least for a temporary period of time, so we can expect bigger recovery this year, we just have to be aware of pullbacks.

SP500 Outperforms Gold Again SPX/GOLD Daily Ratio Chart
SPX/GOLD Daily Ratio Chart

Well, to find out which market is going to be strongest we usually take a look on ratio charts. In this article we decided to take a look on SPX/GOLD ratio chart (SP500 against gold). As you can see, SP500 is outperforming gold again after recent corrective consolidation within uptrend by Elliott wave theory with key 2.0 support level. SP500 is actually twice the price of gold and if stays so, then stocks could easily stay stronger the gold this year.

SP500 Outperforms Gold Again
SPX/GDX Weekly Ratio Chart
SPX/GOLD Miners Weekly Ratio Chart

SPX/GDX ratio chart (SP500 against Gold miners) also shows an uptrend in favour of the SP500, but it may take some time till we will see a break out higher, as it can be still in the middle of weekly cycle bottom. Grega discussed in our Exclusive 2023 Elliott Wave Outlook. If you missed this one check it below:

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

MARA Shows A Completed Correction That Is Positive For Crypto. Check free chart HERE


Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

By continuing to use the site, you agree to the use of cookies. Learn more.

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.