While gold continues to form a bullish consolidation pattern just below resistance ($1355-$1360):
Another precious metal, albeit a less popular one, is shining brightly after breaking out from a 3-year symmetrical triangle last week:
This breakout has all the makings of one that investors should not take lightly (volume, duration, and price action) – A 4-digit price tag for an ounce of palladium during 2014 is well within the realm of possibility.
There are a few ways to play a rally in the platinum group metals – here are a few of our favorite names:
Stillwater Mining (SWC)
Similar to the palladium chart in terms of the recent breakout with strong volume confirmation. Pullbacks are likely to represent buying opportunities with a $20+ intermediate term price target for SWC.
Ivanhoe Mines (IVN.TO)
A recent pullback to support ($1.50-$1.70) – $2.00 is still the big upside nut to crack.
Wellgreen Platinum (WG.V)
Energy is building as price nears the apex of the large symmetrical triangle – upside breakout easily targets $1.25+