NEW YORK (TheStreet) -- Markets remain strong and set up for a breakout, while stocks are still lagging. Many stocks are now starting to set up nice buy levels, so we will see more and more buy points finally come to us in the weeks ahead.
It's been a long slog waiting for bases to form, but we are now getting there.
As for the precious metals, they remain on the edge and I'm not sure which way they'll go. From what I see, it seems to be up to silver whether we rise or fall from here.
Let's get right to the charts.
Gold (GLD) - Get Report slid only 0.22% for the past week, and looks to want to resolve this triangle higher. I really need to see $1,300 bested, as it is major trend-line resistance. The 21-day and 200-day moving averages sit there as well.
This chart does look good to me, with $1,320 being the next small resistance level to worry about.
Silver (SLV) - Get Report nearly broke down and would have caused major trouble for gold. In the end, silver ended last week down 1.01%, and has so far averted a signal that this correction has much more to go.
It is actually a very strong signal if a stock moves below major support but can't stay there very long before moving back higher. As long as we remain above $19 and begin to move higher, then the precious metals will all see a trend change towards the upper right corner of their charts.
It now seems we have the all-clear for higher prices. A move above $19.75 would solidify this view.
Platinum is clearing its moving average cluster now, and should have a pretty easy time moving up to $1,460 in the week ahead. After that, we may need a little rest before a larger breakout.
Platinum still follows gold and silver most times. Things are looking good now.
Last week I thought platinum would rise right away on Monday, but with silver and gold weak, it couldn't. I'm wrong all the time, but having platinum follow gold and silver makes it even more tricky to say where it goes sometimes.
Palladium (PALL) - Get Report gained 0.25% for last week. Palladium is trying to move higher here. There really isn't much to say, other than above $810 is positive, while under that level could take us back to the $800 area. That is no big deal.
The precious metals narrowly avoided going off a cliff this past week, led by silver. We won't rocket higher right away, but we are very near a major trend change to the upside.
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At the time of publication, the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.