There are some bullish developments that we are going to look at in the precious metals tonight … Starting with Platinum
Platinum just declined into a daily cycle low. The cycle low found support at the 200 day MA. A swing low forms along with a declining trend line break. Monday back-tested the trend line break before the big day today.
Platinum is in an uptrend. It is printing higher lows and higher highs. And following a right translated cycle we expect to see palladium to again print a higher daily cycle high.
Palladium has been forming an ascending triangle over the past couple of weeks. Palladium had a bullish break out Friday and delivered more follow through on Tuesday.
Platinum & Palladium has been leading gold and both have broken out, which brings us to gold …
Gold printed a 27 day low last Tuesday. It formed a swing low but has been contained by the 1260 level. Today gold pierced the 1260 level. Gold needs to break above the 1290 level to confirm a new daily cycle.
Seeing both palladium and platinum break out are bullish signals for gold to follow suit.