As gold prices continue to climb higher in 2024, so do the prices of gold stocks and gold miners.
And it appears that the gold miners may be in the early innings of a bull market.
Note that you can find several good articles and coverage on Gold and Gold Miners by Chris Kimble.
Today we look at the Gold Bugs Index (HUI) and highlight the current up-trend and channel.
Note that the following MarketSurge charts are built with Investors Business Daily’s product suite.
I am an Investors Business Daily (IBD) partner and promote the use of their products. The entire platform offers a good mix of tools, education, and technical and fundamental data.
$HUI Gold Bugs Index Chart
Here we can see that the rising gold prices have lifted the broader arena of gold stocks. The rising trend sees overhead resistance on a closing basis just above current levels. While this can lead to further grinding higher, it could also lead to consolidation or pullback.
That said, it’s clear that the trend is higher right now.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
