2001=2002 the ratio broke below the monthly 9 ema. That mark the beginning of multi year bull market for gold till it ended when monthly 9 ema was broken to upside in 2011 2012 top. Since then the ratio has remained above the 9 ema.

Once again like 2001 -2002 the ratio has broken below monthly 9 ema in 2016 and retesting the breakout.
Is it a beginning of a new bull trend??????

Chart is very clear.

Dow to gold Monthly