While the markets amble along, the Gold and Silver Index (XAU.X) is the second best performing sector of the day, up 1.26%.
Gold and Silver Index Daily Chart
After a nice move up last Thursday, XAU had been consolidating. Prices are attempting to breakout of that consolidation, but the previous highs around $55.75 are proving to be a test. The MACD suggests that we still have some upside potential to $57.50. The 50-dma continues to rise, and the 200-dma is starting to flatten out.
Barrick Gold Daily Chart
Barrick Gold has a similar test coming up. If prices can get above Friday's high of $16.88, our target of $17.66 should be within our grasp.