Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On July 20th we presented the headline “Metals supported as USD softens”. In that piece we wrote: “A softening USD should coincide with a move up in gold, silver, platinum, and US stocks.”
At that time, we presented the below weekly chart for platinum:
Here is an updated chart with price action:
After this rally, platinum bulls are facing resistance at the 200-week moving average and should be looking to find support at around $935. A clean weekly close over the blue line would signal that the run in platinum is ready to extend up for a tag of the top trendline.
A breakout ABOVE the top trendline and platinum maybe seriously off to the races in a spectacular mean reversion to it’s historical ratio against gold.
Thanks and have a great day,