News Bites
Platinum retraces back toward $1000/oz
(Kitco News) - Platinum has had a bullish few sessions bouncing off the recent lows of $951.50/oz. The price is now heading toward the psychological $1000/oz area but there has been a lot of congestion in that area in the past. Ahead of that zone, the stronger level stands at the red shaded area ($1040/oz). Looking closer at the daily chart this does seem like a good area of support as the price seems to have stopped on the downside at the trendline which was broken back in February.
On the downside, there is a strong support and consolidation low at the orange shaded area close to $920/oz. The price has bounced off the area twice but even further back in chart, the price was used a few times as both support and resistance. Elsewhere a break of the previous wave low could indicate that the price might be heading lower. For now, the trend is still down and the price is making lower highs and lower lows. Only a break of the red resistance zone would indicate a change in fortune for the precious metal.
