While gold continues to capture investor attention and media headlines with its impressive year-to-date performance, savvy investors are missing opportunities in other metals that show equally compelling technical setups. The precious metals complex has generally outperformed the S&P 500 this year, but gold’s stellar run has overshadowed some interesting developments in industrial and other precious metals.
The key to successful metals investing often lies in identifying technical breakouts before they gain widespread recognition. Chart patterns, momentum indicators, and key resistance levels can provide early signals of significant price moves ahead. While fundamental factors certainly matter in metals markets, technical analysis can offer valuable timing insights for both entry and exit points.
We’ve identified two metals currently showing promising technical developments that warrant attention from investors looking to diversify beyond the crowded gold trade.
Copper (Generic Futures) – Industrial Demand Recovery Play
Copper prices are demonstrating resilience Monday, remaining unfazed by weakness in other metals affected by recent tariff headlines. The technical picture for copper has improved significantly, with the generic copper futures trading above their 50-day moving average in what appears to be a pending breakout from a triangle pattern.
Short-term momentum has shifted positive, which increases the likelihood that the weekly MACD—a key intermediate-term momentum indicator—also flips positive. This development suggests copper can continue rallying toward long-term resistance near $5.20 per pound. As Katie Stockton of Fairlead Strategies noted, this level represents a critical technical target for the red metal.
The current setup shows copper futures maintaining support above the 50-day moving average, which sits around the 10-week mark. This technical foundation provides a solid base for the potential breakout from the triangle consolidation pattern that has been forming over recent months. The triangle pattern itself represents a period of indecision in the market, but the positive momentum shift suggests buyers are beginning to gain control.
Below the current resistance level near $5.20, copper operates within a long-term trading range, which makes a neutral long-term bias appropriate. However, the short-term technical picture has clearly improved. Support levels to watch include the 200-day moving average near $4.43 per pound, with more important trendline support sitting near $4.08 per pound—a level that was briefly tested in April but held firm.
Copper’s industrial applications make it particularly sensitive to global economic growth expectations, infrastructure spending, and manufacturing activity. The metal’s ability to maintain technical strength despite broader metals weakness suggests underlying demand dynamics may be more robust than headlines suggest. For investors seeking exposure to potential economic recovery themes, copper’s current technical setup offers an attractive risk-reward proposition.
Platinum – The Precious Metals Catch-Up Story
While gold and silver have enjoyed strong bullish long-term uptrends, platinum has been the relative laggard in the precious metals complex—until now. Last week marked a significant technical development as platinum confirmed a breakout above long-term triangle resistance, setting up what could be a multi-month bullish move.
Intermediate-term momentum is positive and strengthening according to the weekly MACD indicator, suggesting the recent consolidation period will be brief and give way to additional upside follow-through. This momentum shift is particularly important for platinum, which has spent considerable time building a base while its precious metals peers advanced.
The breakout above long-term triangle resistance represents a classic technical pattern that often leads to sustained moves in the direction of the breakout. Triangle patterns typically compress price action over time, building energy that eventually releases in a significant directional move. Platinum’s recent breakout suggests this accumulated energy is now being released to the upside.
The next major resistance level to watch for platinum sits at $1,240 per troy ounce, which represents a long-term technical objective derived from a 50% Fibonacci retracement level that captured the 2021 high. This target provides a meaningful upside objective from current levels and gives investors a clear level to monitor for potential profit-taking.
Former resistance near $1,030 per troy ounce has now become initial support, which is typical behavior following a successful breakout. This level should provide a floor for any near-term pullbacks and offers a logical stop-loss level for new positions.
Platinum’s industrial applications in automotive catalysts, jewelry, and emerging hydrogen technologies provide fundamental support for higher prices. However, the current opportunity appears driven primarily by technical factors as the metal catches up to strength seen elsewhere in the precious metals complex. For investors seeking diversification within precious metals allocations, platinum’s technical breakout offers compelling timing for new positions.
Bottom Line
Both copper and platinum present technically-driven opportunities for investors willing to look beyond the gold trade that has dominated metals headlines. Copper’s triangle breakout setup offers exposure to potential industrial demand recovery, while platinum’s confirmed breakout above long-term resistance suggests a catch-up move within the precious metals space.
The key advantage of these technical setups lies in their defined risk-reward profiles. Both metals have clear support levels that can guide position sizing and stop-loss decisions, while resistance targets provide logical profit-taking zones. For investors seeking metals exposure with better risk-adjusted return potential than chasing gold at current levels, these two opportunities merit serious consideration.
