Watch the Metals into 2024! $GLD $GDX $XME – December 19, 2023
This is Scott with your Chart of the Day. I want to bring the Metals back to your attention into 2024.
I have a feeling Metals are setting up for what could be a big run. We will start things off here with Gold ( NYSEARCA: GLD ), which is the SPDR Gold Trust. If I zoom out here you can see that we have this nice round cup after a multi-year expansion to the upside. A multi-year to the upside, a nice round cup, and a bit of a handle.
We are consolidating near these weekly highs, right there. You can see over the last couple of years we just keep tapping up against that 195.00 level and pulling back. We are just underneath that now, and I think that could bring a big breakout into 2024 if we are able to get above and stay above, and ideally, do it on volume.
Gold ( NYSEARCA: GLD ) is not the only metal that I want to bring to your attention. If you look at XME ( NYSEARCA: XME ); XME ( NYSEARCA: XME ) is breaking out here, after this multi-month consolidation range. Again, if I zoom out you can see a long consolidation and a clear break of some consolidation.
A downward sloping trendline, clear resistance. It couldn’t get above, couldn’t get above, it kind of consolidated underneath, broke above, back-tested it successfully, and off to the races. And so between Gold ( NYSEARCA: GLD ) and Metals & Mining ( NYSEARCA: XME ), I just think the metals are definitely an area we want to pay attention to into 2024.
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