Platinum Futures—Platinum futures are sharply lower this Friday afternoon in New York down $34 an ounce at 809 as I have been recommending a bullish position from the 840 level & if you took that trade continue to place the stop loss under the contract low which was touched on May 30th at 793 on a closing basis only.
The entire precious metal sector is getting hammered today as gold is down about $30 as well as the U.S dollar is up 65 points putting pressure on the entire sector coupled with the fact that profit-taking is also occurring.
Platinum prices are now trading under their 20 and 100 day moving average as the trend is lower, but really in my opinion it is still mixed as I will continue to place the proper stop loss and not 2nd guess as I still remain bullish. I am surprised at today’s trading action, however you have to remember that today is a very thinly traded market with low volume due to the fact that the 4th of July holiday was yesterday as many people are still on vacation so let’s see what Monday’s trade brings.
The volatility in platinum has certainly increased over the last several weeks so stay long as the risk/reward are still in your favor.
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