Gold: 1320.30 -8.10▼
| Silver: 15.69 -0.19▼
| Platinum: 861.00 +2.00▲
| Palladium: 1497.00 -47.00▼
11:18 NY Time
Platinum’s Big Rally: A Tale Of Two Charts
Wednesday February 27, 2019 10:59
(Kitco News) – The past two weeks have seen the platinum futures market scream higher and hit a nearly four-month high. Indeed, the bulls have gained good near-term technical strength to suggest a challenge of chart resistance at the November high of $885.50, or above.
Importantly, an examination of the longer-term weekly continuation chart for nearby platinum futures shows that prices are still well into the lower third of the recent historical trading range, and nowhere near the all-time record high scored in March of 2008, at $2,308.
It’s important to examine longer-term price charts to get a bigger-picture perspective on where prices have been and where they may be going.
While the daily platinum chart may suggest prices have rallied a long way and may be ready to peak, the weekly chart suggests if this bull- market-move wants to continue, there is a long way to run on the upside before any historical highs from years past are challenged.
Posted by ;
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com
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.