The SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and other gold ETFs are up more than 2% over the past week, but the yellow’s metal rally may just be getting started.

On Monday, Goldman Sachs issued a bullish call on gold, noting that the yellow metal can actually be resilient in the face of higher U.S. interest rates.

“Our commodities team believes that the dislocation between the gold prices and U.S. rates is here to say,” according to Goldman Sachs. “Based on empirical data for the past six tightening cycles, gold has outperformed post rate hikes four times.”

Gold’s recent bullishness is impressive when considering that the Federal Reserve raised interest rates earlier this month, setting the stage for two more rate hikes later this year. However, the yellow metal has been boosted by the dollar’s disappointing showing this year.

Technicals Look Good

“Gold has broken out on a technical basis, due in part to a more dovish-than-anticipated Federal Reserve, trade war concerns brewing in Washington and a relatively weaker U.S. dollar,” reports CNBC. “Gold is trading at an attractive juncture, just below its 2017 peak, and may be expected to move higher in the coming weeks. Gold has gained 3.5 percent this year.”

Some traders are taking advantage of higher gold prices with gold miners ETFs, including the VanEck Vectors Gold Miners ETF (NYSEArca: GDX), the largest exchange traded fund dedicated to gold mining stocks.

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