XAU is UP 100%

Since the October bottom the xau index is up 100% . Yes the market had been super volatile in recent months and the xau was down sharply to erase almost all of the first major bull wave gains. But still, it is amazing how quickly the gold and silver index recovered.

In my opinion this is a great bullish sign for precious metals and other commodities. While there is so much talk about deflationary spiral this tiny sector leads the way of recovery and show the market the great upside potential.

XAU Update

In the last several weeks the xau index consolidated around the lows and the technical situation is looking a bit better.

Support is around recent lows , resistance at around 140 then 180.