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PLATINUM SO FAR


donaldprice

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Platinum seemed to have found a bottom in february time at the 807 mark. However since then its rallied 20%, but we are now approaching august-october levels of 2015, where commodities started to sharply turn lower. Currently it has been channeling up without any significant breaks, but the momentum, RSI do seem to be raising a few eye brows here on the daily chart. The resistance/ monthly pivot level is also near the 50% fib level, where momentum change may become much more obvious. However on the weekly chart the momentum does seem strong. Not sure if many traders trade platinum, but in general does appear to be a steady price action at present.





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Hi Donald,

 

I don't trade Platinum but occasionally look at it along with Palladium and Silver as part of the precious metals group to help me with Gold.  We should keep in mind that unlike Gold, the others have some industrial uses so not purely a reservoir for wealth.

 

Overall, if you look at my thread on commodities as a leading indicator, I see precious metals as having started a big Bull run but maybe about to retrace for a while.  See post on Silver for example (just about to post in commodities thread).

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