I just thought I would swing by and give a quick update on the XAU/Yahoo data as of Friday's close..
Since the December 11th lows, you can see that the rally in gold never quite had the underlying breadth leadership that one would like to see if this were to be an important turning point, though the PM McClellan Summation Index's forecast of a December bottom allowed for a tradable turn anyway (no less the bearish sentiment at that time). With the interest rate sensitive issues now screaming for higher rates over the next 6 months, the bearish divergence point seen on January 24th could turn into a significant downside event for this asset class as higher rates is gold's number one enemy. Another problem here is that this same Precious Metals breadth MCSUM wasn't quite able to move past the +308 level on this latest run, and a failure like this to move up and through the +500 level re-enforces the larger bearish trend of the last 6+ years.
At this point, the next window for a tradable bottom remains sometime in the late spring, but if we see continue to see interest rates rise even further over the next few weeks, we might not see another window until sometime in August.