The above chart shows daily price action of USDOLLAR:XAUUUSD. The ratio has charted a lower peak followed by a lower trough. This is the classical definition of a downtrend. The RSI(9) is below 50 and is bearish. The MACD histogram is below zero. This implies that gold is outperforming the greenback. The ratio is at underlying support (green shaded horizontal). As it stands, the support level is holding. We are assessing if the underlying momentum will take the ratio below this level.