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That's because gold market timers are neither excessively optimistic (which would suggest gold would break down) nor excessively pessimistic (which would suggest gold would break out to the upside).

Gold prices are influenced by the path of real interest rates and the value of the US dollar, both of which have pressured the precious metal lately. Upcoming expected interest rate cuts by the US Federal Reserve and the European Central Bank may benefit gold, but the path higher may be rocky. The VanEck Gold Miners ETF has a fair valuation but an unimpressive technical setup, and I highlight key price levels to watch with the FOMC meeting on tap.

The past six months saw gold's price rise more than 5%, and it crossed the $2,000 threshold. Additionally, in late 2023 several firms reported that central banks' gold purchases were closing in on all-time highs.

The case for owning gold miners has strengthened considerably over the past year due to the lower downside risk from current levels. GDX does a good job at reducing certain idiosyncratic risks, but the large exposure to individual names should be taken into account. Macroeconomic factors, such as the risk of a recession and expanding U.S. deficits, could support the price of gold in 2024.

The final trades of the day with the Fast Money traders.

Metal miners are starting to break out of long-term bases, with precious metals showing the highest potential for outperformance. The immediate catalyst for gold miners to rise is the price of spot gold, which stands on the cusp of breaking out to new highs against the USD. Given the strength in spot gold, I think there is a lot of catch-up potential in gold miners versus the metal miner space. My focus is on the GDX ETF.

Gold's recent ascent to record highs is having the predictable though still important impact of lifting shares of the companies that mine the yellow metal. For example, the VanEck Gold Miners ETF (GDX) and the VanEck Junior Gold Miners ETF (GDXJ) are both higher by 10.52% over the past month.

Chris Verrone, Strategas, talks with the 'Fast Money' traders about gold, silver and copper prices climbing and what it says about the market.

Looking back on 2023, metals and miners presented numerous opportunities. The intersection of fundamentals and sentiment is a good place to look at mining investments. GDX was a recent Wave Setup, with specific support, invalidation, resistance, and target parameters.

Throughout most of the fourth quarter of 2023, physical gold has performed the best it has all year. According to Kitco in the last thirty days, the precious metal has seen its price increase by nearly $43.