From the Desk of Ian Culley @IanCulley

There’s a mountain of bullish evidence supporting an upside resolution in gold. 

But gold hasn’t broken out. Not yet!

Gold has been running this race for months… at least, that’s how it feels.

Perhaps it’s simply making its way to the starting line…  

I believe that’s the best way to view gold and precious metals at this stage of the game. Before I get ahead of myself – marking a series of upside objectives – I want to highlight a key level that defines my intermediate- and near-term risks…

Last week, gold futures came within five dollars of breaking to new highs:

From the Desk of Ian Culley @IanCulley

It’s still messy out there, no matter where you look.

Signs of strength are fleeting, whether we’re discussing gold, the S&P 500, or US Treasuries. It’s one of the few observations everyone agreed upon last week at the 50th annual CMTA Symposium. (I'll have more on that later this week.)

Despite failed breakouts and trading ranges ruling the market environment, one bullish data point stand out regarding precious metals…

Silver!

From the Desk of Ian Culley @IanCulley

It’s still messy out there, no matter where you look.

Signs of strength are fleeting, whether we’re discussing gold, the S&P 500, or US Treasuries. It’s one of the few observations everyone agreed upon last week at the 50th annual CMTA Symposium. (I’ll have more on that later this week.)

Despite failed breakouts and trading ranges ruling the market environment, one bullish data point stand out regarding precious metals…

Silver!

Check out silver futures finding support at a critical polarity zone:

First palladium, now platinum?

Platnuim broke out of an inverted head and shoulders pattern last week, printing fresh 52-week highs.

The bullish data points continue to roll in despite the waning strength in gold and silver.

Check it out!

From the Desk of Ian Culley @IanCulley

Our precious metals index is hitting fresh 52-week highs despite the waning strength in gold and silver.

Only three markets comprise the index. That leaves only one possible culprit – platinum!

First palladium, now platinum?

It doesn’t matter whether you consider platinum or palladium true precious metals. The industrious side of the family is chipping in, supporting a new structural uptrend for the entire space. 

Let’s check it out!

From the Desk of Ian Culley @IanCulley

Our precious metals index is hitting fresh 52-week highs despite the waning strength in gold and silver.

Only three markets comprise the index. That leaves only one possible culprit – platinum!

First palladium, now platinum?

It doesn’t matter whether you consider platinum or palladium true precious metals. The industrious side of the family is chipping in, supporting a new structural uptrend for the entire space. 

Let’s check it out!

Before we dive into the levels…

Commercial hedgers are unwinding their net-long position after reaching extremes last year. Similar positioning in 2018 marked a key inflection point, resulting in a multi-year rally.

In a market overrun with whipsaws and failed moves, our gold mining trades are holding their breakouts and reaching our initial targets. Not many market areas can make that claim.

Today, I outline multiple mining stocks and highlight critical levels of potential resistance for gold and silver.

Check it out!

From the Desk of Ian Culley @IanCulley

Gold mining stocks are the play.

Why?

Because they’re working!

In a market overrun with whipsaws and failed moves, our gold mining trades are holding their breakouts and reaching our initial targets. Not many market areas can make that claim.

And when you consider they’re outperforming the S&P 500 and the physical metals, it’s hard not to like these names.

Especially as gold and silver run into logical levels of resistance…

From the Desk of Ian Culley @IanCulley

Gold mining stocks are the play.

Why?

Because they’re working!

In a market overrun with whipsaws and failed moves, our gold mining trades are holding their breakouts and reaching our initial targets. Not many market areas can make that claim.

And when you consider they’re outperforming the S&P 500 and the physical metals, it’s hard not to like these names.

Especially as gold and silver run into logical levels of resistance…

Gold is knocking on the door of all-time highs after gaining 13% over the trailing five weeks:

We have Phillip Streible on the show today.

I'm a big fan of Phil's work. He's the Chief Market Strategist at Blue Line Futures and a market veteran with more than 20 years of experience trading futures and forex.

Today, Phil shares with us his technical perspective on precious metals and discusses key fundamental drivers at play right now.

Check it out:

From the Desk of Ian Culley @IanCulley

The pieces of the puzzle are falling into place. 

Gold priced in USD has finally joined other global currencies, closing last week at an all-time high. Silver, the high-beta play, is outperforming its more reserved cousin (gold). And gold mining stocks are breaking out.

Many of our trade ideas over the past few weeks are working. I believe this trend has just begun and could last for months – or even quarters.

Especially when I consider this next chart…

From the Desk of Ian Culley @IanCulley

The pieces of the puzzle are falling into place. 

Gold priced in USD has finally joined other global currencies, closing last week at an all-time high. Silver, the high-beta play, is outperforming its more reserved cousin (gold). And gold mining stocks are breaking out.

Many of our trade ideas over the past few weeks are working. I believe this trend has just begun and could last for months – or even quarters.

Especially when I consider this next chart…

Check out the VanEck Gold Miners ETF $GDX filling the first of a series of downside gaps: