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Gold and Silver Index

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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.

Jeff Canavan
Assistant Analyst
www.premiermarkets.com

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