Conclusion, Investment Implications, Strategy

The SPDR Gold Shares ETF (GLD)  is currently breaking out higher from 4 months of sideways investor indecision that indicates its larger 2024 advance is resuming, amid monthly asset expansion and quarterly relative outperformance versus the S&P 500 (SPY).  This breakout targets an targets an additional 3% rise to 239.00 that will remain valid above 225.09. 

KIE Rebounding From Support, Still Targets 56.00

The upper panel of Chart 1 below shows that the SPDR Gold Shares ETF (GLD) is currently breaking out higher from 4 months of sideways investor indecision, which indicates its larger 2024 advance is resuming.  This breakout targets an additional 3% rise to 239.00 that will remain valid as long as the upper boundary of the investor indecision area at 225.09 now holds as underlying support.  The middle panel shows that the total net assets invested in GLD (AUM) are in the midst of a Jly 2nd trend of monthly expansion.  Expanding assets indicate bullish conviction.  The lower panel shows that GLD has been outperforming the benchmark S&P 500 (SPX) on a Strategic quarterly basis since Jly 29th. 

As long as these three conditions remain true, GLD is likely to continue moving higher in the weeks ahead.

Chart 1

Current Sector & Industry Group Ideas

Table 1 below is also accessible via the Asbury ETF Trade Ideas rectangle at the top of the Research Center.

Table 1

Click the table to make it larger