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Metals bulls get the benefit of the doubt

Commentaries & Views

The monetary metals continue to show strength, with gold over $1,850 this morning and silver blasting back through $22.10 overnight. Platinum is peeking over $1,035. Weekly closes in platinum over $1,035 have led to follow-through moves higher 100% of the time going back to 2016. The below chart illustrates how technically significant the $1,035 level is for platinum investors.

The big data point on deck this week will be CPI, coming out Friday. Traders should expect to remain nimble as the return of intense volatility could be on the horizon in anticipation of the inflation-related data.

Thanks and have a great week.

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