Platinum Futures—Platinum futures are down $1 at 851 an ounce breaking an 8 day winning streak in a very non-volatile trading manor this Monday afternoon in New York as traders await the highly-anticipated Federal Reserve announcement on interest rates which will be released next week and certainly will send high volatility back into this market.
I have been recommending a bullish position from around the 840 level and if you took the trade continue to place the stop loss under the contract low standing at 793 as I do you want to give this trade some room as I expect the volatility to increase substantially in the coming weeks ahead.
At the present time I also have a bullish silver position which is up over $0.20 today and a bullish copper trade which is down nearly 300 points today as the precious metals are mixed. I still believe platinum prices are very cheap especially compared to gold as the risk/reward is in your favor to take on a bullish position in my opinion.
Platinum prices are trading above their 20 day and right at their 100 day moving average as this 855 level is critical in my opinion and I think if prices close above that area then we could trade up to the 900 level rather quickly.
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