Gold and Silver had very strong performance in 2024. And after a minor selloff, precious metals are looking strong once more.
Today we look at Gold and why it looks poised to breakout to new price highs.
More specifically, we look at a “weekly” chart of the Gold ETF (NYSEARCA: GLD) to highlight important indicators and guideposts we are watching.
Looks like Gold could be in line for a strong 1st quarter.
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$GLD Gold ETF “weekly” Price Chart
Here we can see Gold’s strong performance last year, along with its consolidation (pullback) into year end. But this looks very healthy. Gold is now nearing a breakout with momentum turning higher and price above its 10 and 40 week moving averages.
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.
