Platinum Futures—Platinum futures in the October contract is trading higher for the 3rd consecutive session up another $15 an ounce at 878 as I have been recommending a bullish position from around the 868 level and if you took that trade continue to place the stop loss at the 800 level as an exit strategy.
The precious metals continue to move higher on a daily basis as this sector is experiencing the strongest trend to the upside as I also have a bullish silver trade which is sharply higher once again as I believe platinum prices will break the May 20th high of 931 possibly in next week’s trade.
Platinum is trading far above its 20 and 100 day moving average breaking out to a 5-week high today as prices compared to gold look incredibly cheap as gold has now hit a 9 year high continuing it’s bullish trend. In my opinion I think platinum will trade significantly above the $1,000 level as the bullish trend finally has arrived as I see no reason to be short platinum or any other precious metal so stay long as the chart structure will improve in the next 4 trading sessions so the monetary risk will be lowered significantly.
CHART STRUCTURE: SOLID
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