Gold prices have surged nearly 40% over the past year, outpacing the stock market's gains. The rally is attributed to global uncertainty, a weakening US dollar, and anticipation of further interest rate cuts by the Federal Reserve.
The rally is driven by global uncertainty, a weakening US dollar, and expectations of further Federal Reserve interest rate cuts.
Given these developments, the question becomes whether it’s still a good time to invest in gold or if waiting for a pullback makes more sense. Let’s examine the technical positioning of the ETF and a few key gold stocks to assess the potential risks and rewards.The SPDR Gold Shares ETF, which provides exposure to the price of gold without requiring investors to hold the commodity physically, has been on a tear.
However, like GLD, Newmont’s stock has reached the high end of its current uptrend, with an RSI of 70.86, indicating potential overbought conditions. While it may not be a sell signal just yet, those looking to enter a fresh position may want to wait for a dip closer to its rising 20-day simple moving average to capitalize on future upside potential.), a Canadian gold production giant, has underperformed compared to its peers.
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