Platinum Futures—Platinum futures in the July contract settled last Friday at 804 an ounce while currently trading at 808 up about $4 dollars for the trading week as the precious metals were higher across the board this week, but platinum remains the weakest link.
Gold prices broke the 1,400 level today hitting a 6 year high on concerns that a possible conflict could develop with the country of Iran as a U.S drone was shot down sending shock waves throughout many different sectors, however it is not helping support platinum.
I will be recommending a bullish position if we close above the 833 level while then placing the stop loss under the Valentine’s Day low which was hit on February 14th at 786 as the risk would be around $2,500 plus slippage & commission, however at the current time I’m sitting on the sidelines.
Platinum prices are trading above their 20 day but still below their 100 day moving average which now stands at the 844 level as I think prices look incredibly cheap especially compared to palladium and gold.
At the current time I have bullish recommendations in silver & palladium and I still think gold prices are going higher, but I don’t want to be overloaded in 1 sector, but I don’t see any reason to be short any of the precious metals as demand and interest have come back.
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