I've revised the formulation of this indicator yet again, but I'll spare you the boring details. (If you actually want to look at the formula, email me and I'll send you the spreadsheet.)
The point of the above chart is that overall momentum in gold has been decelerating ever since the high in December last year. This persistent deceleration needs to be reversed before I can really change my overall outlook. Oh, and a PM Fix above 1262 would help too.
Below is a longer-term chart of the gold CROC.