The Gold Bug index is attempting to break through resistance at the 340 level. The current 50 day moving average stands at $338.

Higher oil prices and geopolitical events should serve as catalysts for higher gold prices in the coming week.

Associated Press reports........Gold and other 17th-century artifacts that treasure salvagers say they recovered from a shipwrecked Spanish galleon off Key West were brought ashore this week. Some estimate that the findings could be worth more than $1 million.

A gold bar, eight gold chains and 11 ornate gold pieces were among the artifacts divers from Blue Water Ventures said they found earlier this week.

Duncan Mathewson, a marine archaeologist and partner in Blue Water Ventures, said the artifacts are from the Spanish galleon Santa Margarita, which sank during a storm in 1622.

The treasures were found in nearly 18 feet of water about 40 miles west of Key West, Mathewson said.

"We're following the road to the treasure," Mathewson said. "We're on the trail, right smack where we need to be."

An initial cache of treasure and artifacts from the galleon was discovered in 1980 by the late treasure-hunting pioneer Mel Fisher.

Blue Water Ventures has been searching for the remainder of the wreck for two years under a joint-venture agreement with Mel Fisher's Treasures, now headed by Fisher's son, Kim Fisher.

The artifacts and treasure were taken to Fisher's Key West headquarters Thursday for conservation. Mathewson estimates more than $150 million to $200 million worth of artifacts and treasure from the Santa Margarita remains to be recovered.

After hitting resistance at the 50 day moving average, the Gold Bugs Index has retreated back to the 320 range. This level has previously held as support and could provide an entry point to traders looking to capitalize on the current range trading of the the gold index.