As can be seen from the Comex Platinum charts, the RSI of 71.43 is bullish and steep upward curve suggests continued bullish trend in the white metal. Reuters quoting analysts have said that stabilizing economic conditions in China boosts the appeal of industrial metals over safe havens. Platinum seems to be a beneficiary of this trend. This is also the time when platinum can outperform gold.
Difference between gold and platinum prices have narrowed to $12 an ounce on Monday on growing expectations of economic recovery.
Slow Stochastics also signal bullishness and prices moving higher than the upper Bollinger band gives further strength to the uptrend. Oscillator at 37.40 provides more room for upward movement as overbought positions are still far away.
Reuters reports that high net longs in U.S. platinum futures and options may pose a threat to a sustained platinum rally, as speculators loaded with long positions may sell off to take profit in the short run, analysts and traders said. Net longs in U.S. platinum futures and options bounced from a one-month low to 28,939 lots in the week ended January 8, down 18 percent from an October peak of 35,145 lots, but up 59 percent from the 2012 average.
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Platinum Charts: How Far Will The Outperformer Go?
Published 01/15/2013, 07:42 AM
Updated 05/14/2017, 06:45 AM
Platinum Charts: How Far Will The Outperformer Go?
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