The little blue box shows that the bulls can take the GSR down to around 60, and in the process probably test the highs of the post crash recovery. The rest of the big picture in GSR shows that the forces of liquidity contraction are merely consolidating before the next leg up. And with the RSI right at support, the ratio can turn up at any moment.
This does not really help day traders, but as investors the direction that the GSR ultimately breaks is going to be for all the marbles; as in the difference between a stance of primarily gold stocks and cash or a stance that gets the all clear to jump aboard the inflation express like 2003-2007, with most resources and economies of productivity and value gaining the bid – possibly an intense bid.
Sadly for the bull promoters, GSR remains in a consolidation stance with nothing bearish having happened to it whatsoever. Not bearish for the GSR means the opposite for most other stuff – eventually, in what would be the next deflation impulse to clear the dead wood prior to the next inflation fueled price cycle.