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Gold Bullion ETF (GLD) Hits New 52-Week High

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Investors seeking momentum may have Gold SPDR (GLD - Free Report) on radar now. The fund recently hit a new 52-week high. Shares of GLD are up approximately 28.7% from their 52-week low of $130.55/share.

But could there be more gains ahead for this ETF? Let’s take a look at the fund and the near-term outlook to get a better idea of where it might be headed.

GLD in Focus

This ETF is designed to track the spot price of gold bullion. The fund charges 40 bps in fees (see all Precious Metals ETFs here).

Why the move?

Safe-haven demand for gold remains strong as several Wall Street analysts still believe that the latest market rally doesn’t have legs. Plus, a super-dovish Fed, which cut some strength out of the greenback is helping bullion prices and ETFs like GLD. Recently, Goldman Sachs updated its 12-month gold price forecasts to $2,000 an ounce from $1,800.

More Gains Ahead?

The fund has a positive weighted alpha of 27.57. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.

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