USD weakness
The U.S. Dollar Index is slowly sliding downwards after a brief but sharp spike in March. The slow slide has depressed dollar sentiment. Here's the Dollar Optix's 30 day average:
When dollar sentiment was this low in the past, it wasn't a clear contrarian bullish sign for the USD. On the contrary, it often led to more short term losses over the next 2 weeks before the USD Index could find solid ground.
Since the USD and gold have somewhat of an inverse relationship, this was a more-bullish-than-random factor for gold over the next 2 weeks:
As for the S&P 500, this wasn't a consistently bullish or bearish factor on any time frame: