Platinum Futures—Platinum futures in the July contract is trading lower for the 2nd consecutive session down another $10 at 1,202 an ounce and traded as low as 1,178 earlier in the trading session as prices have been stuck in a relatively quiet consolidation over the last couple of months.
If you take a look at the daily chart the uptrend line remains intact as I remain bullish on this commodity as I’m looking for a little further sell off before entering into a bullish position as the monetary risk would also be reduced.
At the current time I have a bullish silver recommendation as I think the whole sector continues to move higher as today is blamed on a quiet trading session. Platinum prices are trading above their 20 and 100 day moving average as the trend is to the upside as the 10-year note hit the 1.70% level today as that is a bearish fundamental factor towards higher prices as many sectors were lower in today’s trade. In my opinion I do not believe the February 16th high of 1,351 will be the top and 2021 as I still see much higher prices ahead so be nimble and look to be a buyer soon.
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
If you’re looking to open a Trading Account click on this link www.admis.com
FREE 10 DAY SUBSCRIPTION
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.