August 8, 2009 – Nothing has changed over the past few weeks. The XAU Index is still testing overhead resistance around the 152-154 area, which is the same area of resistance discussed many times recently.
One of these days – probably by early or mid-September – the XAU will hurdle this resistance level. In the meantime, look for the XAU Index to do some more ‘backing & filling’ over the next few weeks, just like I am expecting for gold and silver. But the major trend for the XAU remains up, again just like it is for both gold and silver.