Why a pullback could be a stronger signal than gold's 17 percent rally

Gold rebounded 17% from a March 23 low of $4,105/oz to around $4,676 on April 3; XAU-WTI 50-period correlation coefficient moved to -0.10 (down from positive territory in March but not yet clearly negative); put-call volume ratio for GLD fell to 0.70 on April 2 from 1.35 on March 26; open interest ratio rose to 0.56 from 0.53; CFTC March 24 COT report showed non-commercial net buying expanding (+4,900 contracts in speculative longs to 220,861; shorts down 3,558 to 52,534) Perigon signal context: impact mixed, driver market specific.