Let's look at the long term...

In this time of uncertainties, including for Gold, I went back to a graph of the Dow/Gold that I had found a year ago. At the time the ratio was at about 20 and it is now 16.

We can notice two things : one, we are still in this trend which has been validated several times; two, the ratio could very well break its support at any time, given the bell curve shape of this graph.

Or it could go back to 18.

I would opt for the former, for two reasons : the Dow is going nowhere even if it might rally in the short term and Gold still possess huge momentum.

It is especially striking when we look at the monthly chart below considering the fact that the month of December is not even finished.
I think it is possible that we might end the year on a new high for Gold, even if it's getting late and that no bad news seem on the horizon