Platinum Futures—Platinum futures in the July contract is currently trading higher by $5 an ounce at 1,174 in a relatively quiet non volatile trading manner to start off the week looking for some fresh fundamental news to push prices higher in my opinion. I have been recommending a bullish position from around the 1,254 level and if you took that trade continue to place the stop loss at 1,115 on a closing basis only as the exit strategy.
The volatility at the current time remains high and that situation is not going to change anytime soon as the entire precious metals sector is experiencing large price swings on a daily basis as I am surprised at the weakness that we are witnessing over the last week or so. Platinum prices are now trading below their 20 and 100 day moving average as the trend is to the downside, however I will not 2nd guess as I will continue to place the proper stop loss and see what tomorrow’s trade brings.
The next major level of resistance stands at the 1,225 area as that needs to be broken for the bullish momentum to continue as the U.S dollar hit a 3 month low which generally supports platinum prices in the short term, but not at this time which is a little surprising, but I think longer-term this market continues to go higher.
CHART STRUCTURE: SOLID
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.