Miners breaking out !? Gold prices tested $2070 to $2100 four times in the past several years but was unable to breakout ( other than a brief false/ short-lived breakout in Dec 2023)
Experts believe that there has been a much more convincing breakout in this past week with several closes above the $2100 - $2150. Several well known technical traders believe there will be a pullback and that $2070 - $2100 will now become support versus resistance. While others think it's mostly up from here.
In any event, this major breakthrough on gold prices experienced in the past week, will lay the groundwork for a major breakout of gold miners in 2024 as the sector finally begins to attract the attention of the retail investor.
Indeed many believe that it has already started.
The GLD is up this past month.