Make Kitco Your Homepage

Platinum hits 1.5-yr. high; much more upside room to run

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) - Platinum futures on Wednesday traded sharply higher and hit a 1.5-year high as prices approach $1,000.00 an ounce. See on the weekly continuation chart for nearby platinum futures that prices have rebounded smartly from the 2019 low. However, see too that the weekly chart shows prices are still well into the lower one-third of the recent historical trading range. That suggests there is still much more room to run on the upside for prices in the coming weeks and months. The next upside technical objective is longer-term technical resistance at the $1,030.00 area. A move above that resistance area would open the door to a rapid move to $1,200.00, and above.

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.