Platinum Futures—Platinum futures in the July contract is trading higher for the 2nd consecutive session up another $13 at 1,267 an ounce hitting a 3 month high as the precious metals sector is on fire in today’s trade.
I have been recommending a bullish position from around the 1,254 level and if you took that trade continue to place the stop loss at 1,115 as an exit strategy, however the chart structure will not improve until later this week so you will have to accept the monetary risk at this time.
In my opinion I believe prices will break the February 16th contract high of 1,351 in the coming days ahead as historically speaking prices still look cheap in my opinion. Platinum prices are trading far above their 20 & 100 day moving average as this trend is strong to the upside as gold prices also are sharply higher today as I’m also recommending a bullish silver position which is up another $0.25 hitting a 7-year high as the stimulus packages from the Federal Reserve are certainly helping propel the precious metals sector higher.
I will not add any more positions to silver or platinum as the volatility is too high so stick with the original trade as I still think higher prices are ahead.
CHART STRUCTURE: SOLID
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com
There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.