Cyclical & Short term (# of oz's required to buy a share of DOW)
Short term looking for the Gold bounce, the break off the upper bollinger band, the 10 day SMA about to go under and MACD crossover downside signal re-enforces to a certain degree the expected bounce off or near 1200 area or sooner.
Keep in mind, if DJI moves lower and Gold moves sideways, the ratio will still come down, opposite holds true, vica versa, all dependent on the dow/gold price relation, so this may not be an effective short term indicator, more commonly used for cycles IMO.
Longer term, the ratio has clearly broken out of the wedge (yellow lines) with the upper band heading north. In Jan'13 when the band turned up, it ran about 6-7 months, inversely, gold dropped roughly from 1650 to 1250.