Gold/Aussie looks ready for a trend resumption. One could make a solid case from the black vertical line when a breakout materialized in line with the current cycle. You will notice that there is a concurrence in slopes via the 5-DMA in the IG/HYG ratio (negative signs in credit markets — in purple — ), inverted S&P 500 (orange line) or Aussie yield curve (red line), which continues to flatten and it indicates the risks are building up for the RBA to sounds more dovish. Bear in mind, all the added instruments exhibit very credible correlations with XAU/AUD as of late, strengthening the bullish case.