Platinum Futures—Platinum futures in the October contract is sharply higher this Tuesday afternoon in New York up $23 or 2.75% at 861 an ounce looking to break out to the upside in my opinion. I will be recommending a bullish position if prices break the 868 level while then placing the stop loss at 800 as an exit strategy as the risk is around $3,400 plus slippage and commission.
The volatility in platinum is starting to increase as gold prices hit another all-time high today as my other precious metal recommendation is a bullish silver trade as I think the whole sector continues to move higher.
Platinum prices are trading above their 20 & 100 day moving average as the trend has turned and I think prices will retest the May 20th high of 931 possibly in the next couple of weeks so play this to the upside as the risk/reward is in your favor in my opinion.
TREND:HIGHER
CHART STRUCTURE: SOLID
VOLATILITY: INCREASING
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