For investors looking for momentum, iShares Gold Strategy ETF (IAUF Quick QuoteIAUF - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 28.1% from its 52-week low price of $50/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

IAUF in Focus

This ETF seeks to provide exposure, on a total return basis, to the price performance of gold. It has AUM of $15.9 million and charges 25 basis points (bps) in annual fees.

Why the Move?

The second wave of coronavirus pandemic is sparking fears of a global economic recession among investors as the outbreak is disrupting global supply chains followed by the shutdown of economic activities. The market participants also seem to be worried about the pandemic’s impact on corporate earnings. Accordingly, in the wake of the current scenario, investors are rushing to safe-haven assets like gold. This is making funds like IAUF an attractive investment option.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 21.56, which gives cues of further rally.

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