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,
