Potential Massive Inverse Head and Shoulders in Gold vs Stocks

This monthly chart shows the potential for a multi-year inverse head and shoulders pattern when comparing the gold ETF, (GLD) with the S&P 500 ETF (SPY). You can see in that there is a potential right shoulder building as the Federal Reserve announced this week that they would let inflation run hot.

Notice also that there is a bullish cross of the 12 and 26 period exponential moving averages signaling a trend change and that the consolidation in gold this month held the support of the 12 period exponential moving average. The RSI on the chart is around 55, so even after gold's run up since 2019 it is not overbought when compared to stocks on a monthly chart.