Gold Price Breaks Out To Higher Highs. 3 Gold Stocks To Watch.

Gold price, gold stocks.

The SPDR Gold Shares exchange traded fund, designed to reflect the price of gold, broke out to higher highs today on daily, weekly and monthly time frames. The move upward to a new level may be connected to inflation fears (the metal is considered a hedge) or may be reacting to the seriousness of geopolitical matters — or both.

Whatever the case, gold buyers are active and it’s likely that central banks around the world, many of which hold substantial reserves of the metal, are noticing. Precious metals equities look better than they did just weeks ago, as investor sentiment becomes more optimistic.

The SPDR Gold Shares daily price chart is here:

SPDR Gold Shares daily price chart, 3 4 24.

The red-dotted line marks the previous high, in late December 2023, and shows where today’s buying took the gold shares to higher ground. The +1.62% gain follows Friday’s 1.89% gain and the heavy volume bars tend to confirm the move. That early December 2023 crossover of the 50-day to above the 200-day moving average now seems prescient.

Here’s the weekly SPDR Gold Shares price chart:

SPDR Gold Shares weekly price chart, 3 4 24.

The red-dotted line on this chart represents the previous weekly resistance level from early 2022 — the level which just got taken out today. This is the overcoming of much resistance as buyers have clearly taken over from sellers. Note the steadiness of the up trending 200-week moving average.

The monthly SPDR Gold Shares price chart looks like this:

SPDR Gold Shares monthly price chart, 3 4 24.

The move upward breaks above the line connecting the 2020 peak with the 2023 high, a remarkable signal of strength for this market. The price stays above the up trending 50-month and 200-month moving averages, not something you see on too many monthly price charts.

Here’s the daily price chart for Alamos Gold:

Alamos Gold daily price chart, 3 4 24.

This Canadian-based miner managed to remain above its October 2023 lows even as it dipped from the December 2023 peak to the mid-February 2024 low. The price is back to above both the 50 and 200-day moving averages.

The daily price chart for Compania de Minas Buenaventura is here:

Compania de Minas Buenaventura daily price chart, 3 4 24.

That big move up in December marks the spot where another mining firm took a 19% stake in Buenaventura. What’s remarkable is the ability of the stock to stay up there above that $14 level for the months that followed. Today’s 3.90% gain takes it back up toward $16.

Harmony Gold Mining’s daily price chart looks like this:

Harmony Gold Mining daily price chart, 3 4 24.

This is one of the best looking of the miners from a purely price chart standpoint: it made a new high today along with the move in the underlying metal and the buying volume was strong. Harmony trades above both its 50 and 200-day moving averages. Note that the $5.40 level held support from December 2023 to all of February 2024.