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The Weekly XAU Market Chart


After breaking a 3 1/2 year long down trend earlier this month, the XAU stomped decisively above resistance at 71 during yesterday's 15 point surge. Weekly MACD also gave a buy signal yesterday.  The index closed above April's highs, but still has 2 additional roadblocks to clear before it is able to begin a sustainable rally:  the October 1998 highs near 87.6, and the April 1998 highs near 93.7.  Until the index closes above both of these levels it will be vulnerable to corrections which could shave 33%-50% off yesterday's rapid gains.

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