Platinum Futures— Platinum futures in the October contract settled last Friday in New York at 819 while currently trading at 829 an ounce up slightly for the trading week holding major support around the 800 level as this market looks to move higher in my opinion.
Fundamentally speaking platinum is used as an industrial metal and the stronger the U.S economy becomes the more demand for platinum which generally pushes prices higher and I think that situation is going to come about soon as I do think a bottoming out pattern has formed.
I will be recommending a bullish position if prices break the 876 level which could possibly happen in next week’s trade, however if you are already long a futures contract I would place the stop loss under major support around the 798 level as an exit strategy.
Platinum prices are now trading right at their 20 and 100 day moving average as the trend still remains mixed as we have gone sideways over the last 4 weeks as my only precious metal recommendation is in the silver market at the current time, but I think the whole sector is going to move higher as I see no reason to be short platinum at this time so keep a close eye on this market as we could be involved soon.
CHART STRUCTURE: SOLID
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