The NEM lead Indicator Is Very Bearish At -1.25% vs The XAU Right Now

Note that the NEM lead Indicator was a bearish -0.70% early on, correctly indicating that the early strength would reverse course. It's even more bearish now which means more downside is likely by session's end. The Fed's massive $16.75 Billion Repo didn't help for long today which is obviously a bearish sign. Also, the rampant bullishness recently among gold analysts and traders/investors was a sign that an important cycle high was near.