For investors looking for momentum, iShares Gold Trust (IAU Quick QuoteIAU - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 37.7% from its 52-week low price of $12.12/share.

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

IAU in Focus

This ETF offers exposure to the day-to-day movement of the price of gold bullion. It has an AUM of $22.83 billion and charges 25 basis points (bps) in annual fees.

Why the Move?

The coronavirus pandemic is sparking fears of a global economic recession among investors as the outbreak is disrupting global supply chains followed by shutdown of economic activities. The market participants also seem to be worried about the outbreak’s impact on corporate earnings. In the wake of the current scenario, investors are rushing to safe-haven assets like gold, driving it to the highest level in more than seven years.

More Gains Ahead?

It seems like the fund will remain strong, with a positive weighted alpha of 35.90, which gives cues of further rally.

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