For investors looking for momentum, SPDR Gold MiniShares Trust (GLDM Quick QuoteGLDM - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 35.9% from its 52-week low price of $12.65/share.

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

GLDM in Focus

This product seeks to reflect the performance of the price of gold bullion less GLDM’s expenses. Being one of the low-cost products with an expense ratio of 0.18%, GLDM has accumulated $1.98 billion in AUM.

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 shut down 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, 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 34.67, which gives cues of further rally.

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