Platinum Prices Near A 2 Week Low

Platinum Prices Near A 2 Week Low
Platinum Prices Near A 2 Week Low

Platinum Futures—Platinum futures in the October contract is currently trading lower by $4 at 854 an ounce bouncing off of major support around the 848 level as I have been recommending a bullish position from around the 840 area and if you took the trade continue to place the stop loss on a closing basis only at 846 as an exit strategy.

This trade has been somewhat disappointing due to the fact that gold prices continue to rally on a daily basis while platinum is stuck in the mud as that is all due to the possible trade war and currency war with China as that would lower demand for platinum and that is why you’re not seeing the rally occur at this time, but things can change quickly.

Platinum prices are trading right at their 20 and 100 day moving average as I still believe the trend is higher, however we are just an eyelash away from being stopped out as I also have a bullish recommendation in the silver market which has also kind of been stuck in the mud as all the excitement remains in gold.

TREND: HIGHER

CHART STRUCTURE: EXCELLENT

VOLATILITY: AVERAGE

 

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