Gold Futures Tick Higher

The greenback was mixed in midmorning trading. One dollar would buy 120.33 yen, down from 121.04 late Friday. One euro would purchase $1.2928, down from $1.2967 last week. The price of gold and the U.S. currency tend to move in opposite directions.

Elsewhere, the Economic Cycle Research Institute also reported some promising data, with its weekly leading index growing 4.7% in the period ended Jan. 26, marking its 15th consecutive uptick. The statistics continue to show an accelerating trend, or one where the rate of growth is getting faster, and that should mean a strong U.S. economy and a robust dollar going forward.

On the technical side of the equation, at least one chart-watcher seems anxious for a breakout.

"We will not begin another leg up in the gold bull market until we see gold make a sustainable rally above $700 and the [ Philadelphia Gold and Silver Sector Index] stay above 160 for over a week," writes Mike Swanson, a Virginia-based hedge fund manager and editor of the Wall Street Window blog.

He sees current support for the index at 134 and resistance at 142. Swanson says the charts show a pennant, or triangle formation, developing in the index, suggesting an increasingly tight trading range that will be followed by a significant advance or decline.

The Philadelphia Gold and Silver Sector Index was recently rising 0.3% at about 139, buoyed by the higher metal price.