The Materials Select Sector SPDR ETF (XLB) is trading significantly higher, driven by a strong rally in precious metals and a weaker U.S. dollar. Gold prices reached a near three-month high, boosting the outlook for mining companies which are a major component of the materials sector. This rally in commodities is providing a direct tailwind for the sector, overriding broader economic uncertainty and leading to a technical breakout in the XLB ETF.