Platinum Futures–-Platinum futures in the October contract continues to march to the upside climbing another $13 this Wednesday afternoon currently trading at 875 an ounce hitting a 10 week high. I have been recommending a bullish position from the 840 level & if you took that trade continue to place the stop loss under the 10 day low which stands at 809 as an exit strategy, however the chart structure will start to improve on a daily basis therefor the monetary risk will be lowered.
The precious metals are higher across the board today & if you have been following any of my previous blogs you understand that I am bullish this sector as this is experiencing the strongest trends to the upside at the present time as platinum prices are now trading above their 20 and 100 day moving average for the 1st time in months.
The next level of major resistance is around the 900 area and if that is broken as I’ve talked about many times I think 925 which is the contract high hit on April 8th will be breached so stay long and continue to place the proper stop loss as I still think there’s significant room to run to the upside as prices are still very cheap compared to gold which is at a 6 year high.
CHART STRUCTURE: IMPROVING
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