Feb. 20 at 3:50 PM
$GLD $GDX $GDXJ $TIP $IEI
TIP/IEI has been rising since January → bullish for gold.
Rising TIPS relative to nominal Treasuries = falling real yields = gold tailwind.
• The current pullback is normal, not structural.
This is a classic momentum reset inside a rising trend.
• RSI is at/dipping just slightly below 50 = momentum reset, not a breakdown as long as RSI holds above ~40–45, the bullish regime remains intact.
• The 0.9255–0.9257 down to 0.9172 zone is a MAJOR multi‑year support. This shelf aligns with the key pivots from weeks 9/26/22, 1/17/23, and 2/26/24 — one of the most important horizontal demand zones on the entire ratio.
• This is the level where gold’s macro tailwind is "likely" defended. TIP/IEI rarely breaks this zone unless real yields are rising sharply — which is currently at leas, not the macro backdrop. If TIP/IEI ratio holds the 0.9170–0.9250 support → real yields stabilize or fall → gold tailwind resumes. Below 0.9170 → real yields rising → gold headwind:
