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Platinum's potential

Commentaries & Views

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,

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.