2024-04-25 12:33:46 ET
Summary
- iShares Gold Trust ETF has broken out of a multi-year resistance level, indicating potential for further upside.
- Technical signs, such as increasing volume and moving average crossover, support the bullish outlook for IAU.
- Near-term catalysts, such as geopolitical tensions, provide the fundamental forces to support more upside.
- Switching to a long-term perspective, commodities are still among the cheapest levels in many decades despite recent rallies.
Gold prices: More upside after breakout
My thesis for this article is twofold. First, I want to analyze the technical signs that the iShares Gold Trust ETF ( IAU ) has finally broken out a multi-year resistance level around $39 and cleared the room for further upside. Second, I want to analyze the fundamental forces that can support such upside potential....
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For further details see:
IAU: Buy The Gold Price Dip (Technical Analysis)