Platinum Futures—Another wild trading session in platinum as prices are up another $23 an ounce at 1,024 after settling last Friday in New York at 986 up about $38 for the trading week as prices are right at a 2 year high.
The precious metal sector is higher across the board once again continuing its bullish momentum as I have been recommending a bullish trade from around the 974 level & if you took that trade continue to place the stop loss at 952 as an exit strategy, however the chart structure will improve in 3 trading sessions therefor the monetary risk will be reduced.
For the bullish momentum to continue prices have to break yesterday’s high of 1,046 and if that does occur I think we will head up to the 1,100 level rather quickly as there is significant room to run to the upside in my opinion as prices historically speaking still look cheap especially compared to gold. Platinum prices are trading far above their 20 and 100 day moving average as this trend is getting stronger on a weekly basis as the volatility certainly has expanded tremendously and I don’t think that situation is going to change anytime soon so stay long
CHART STRUCTURE: POOR
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