OPINION: The views expressed by columnists are those of the author and do not necessarily reflect the views of Investopedia.

Today I want to point out the recent breakout in Swiss Franc futures. Historically there is a high positive correlation between this contract and the price of gold. As we break out to new multi-year highs in Swiss Franc futures, gold looks likely to follow along.

Look how they both bottomed during the 1999-2002 period after a half-decade of declines. From there, both of these trended higher until they both ultimately peaked in 2011. Notice how even the counter-trend moves within these long-term trends coincided with each other.

Since the 2011 highs, buyers of of gold have been losers. The frustration hasn’t just come from falling prices, it’s the opportunity cost that’s also been a killer. You could have bought pretty much anything else during that period and it would have been a much better idea than owning gold or Swiss Francs.

[If you are interested in learning more about counter trends, check out JC’s “Technical Analysis for Beginners” course on the Investopedia Academy.]

I am a firm believer that there is a time and place for everything. The weight-of-the-evidence since late December has suggested that we’re going higher in gold, not just on an absolute basis, but also relative to other alternatives. Those are characteristics of strong uptrends.

JC Parets, CMT is the founder of All Star Charts, a technical analysis blog and premium research platform. He spends his days analyzing hundreds of charts to find the best risk vs. reward opportunities in the world. To learn more about All Star Charts, click here.