Platinum Futures—Platinum futures in the October contract experienced a wild trading week settling last Friday in New York at 831 while currently trading at 851 up about $20 and traded as high as 892 in yesterday’s trade before a massive sell-off occurred. I have been recommending a bullish position from around the 868 level and if you took that trade continue to place the stop loss under the 2 week low standing at 815 as an exit strategy as the chart structure will improve on a daily basis starting next week.
Platinum at the current time is still trading above its 20 & 100 day moving average as the trend is higher as I also have a bullish silver recommendation and I think the entire sector will continue to move higher as I see no reason to short the precious metal. The next major level of resistance is between 890 / 900 and if that is broken I think the trend could accelerate tremendously to the upside.
Fundamentally speaking this market has a lot going for it including the fact that the Federal Reserve is throwing trillions of dollars into the economy as that will spark higher prices over the course of time just look at what happened in 2011 when we started quantitative easing so stay long.
CHART STRUCTURE: IMPROVING
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