Alternative assets can help buffer equity portfolios during periods of heightened volatility by reducing portfolio-level correlations and supporting smoother compounding over time. Gold is one such asset, typically retaining defensive characteristics and exhibiting a low correlation with equities. According to Bloomberg, the SPDR Gold Shares ETF (GLD) has shown a modest positive correlation with the SPDR S & P 500 ETF (SPY) , measuring 0.13 over the past five years and just 0.04 over the past year. GLD’s cyclical and secular uptrends are supported by long-term upside momentum, as indicated by the rising monthly MACD histogram. The monthly stochastic oscillator remains in overbought territory ( > 80%), underscoring the strength of the prevailing bullish trend rather than signaling exhaustion. With the monthly indicators supportive of the uptrend, we are comfortable maintaining a strategic allocation to gold within portfolios. On a shorter-term bias, GLD recently advanced from a triangle pattern in a bullish catalyst that marks a resumption of the prevailing uptrend after a period of consolidation. The recent breakout is associated with renewed short-term momentum per the daily MACD, supporting the potential for follow-through to new highs. A measured move objective from GLD’s breakout is approximately $424. The daily cloud model, currently near $373, has served as an important support gauge throughout the year. Gold mining stocks have naturally benefited from rising gold prices, taking GDX to new all-time highs last week. The primary uptrend looks healthy in absolute terms, while relative strength is also improving meaningfully. The ratio of GDX to SPY has broken out from a multi-year downtrend channel, signaling a long-term turnaround and suggesting gold mining stocks will continue to outperform the broader market over the coming months. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange! Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. 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