Metals and #Platinum as the odd one
Gold: Nice and smooth bullish trend. Very comfortable long position even in larger size.
Silver: Bullish, maybe a bit of short squeeze too. Momentum is increasing.
Copper: Despite all the fears regarding global real economy, copper is also marching up with strong momentum, it doesn't show too long consolidation periods and dips on profit taking are shallow.
As you see, people just want to be bullish on metals. Investors and speculators use any dips to buy more. But what's the situation with Platinum? It is still sleeping, the question is for how long?
Platinum:
- Bullish bias is increasing slowly. While price is still stuck in a wider range of 790-860, the 100 day WMA is slowly turning up, stregthenning support.
- Ichimoku setup has a bullish bias, but averages are still very close to each other. Price has been swinging around Tenkan and Kijun since May.
- The zone to be watched is 852-883. Once price breaks above these levels, the sleepy Platinum will likely follow the same path as Silver.
This is all a technical view. If 1000 bn USD being printed monthly, and besides the other two precious metals even Copper can go so nicely higher, I just don't see a reason why Platinum should stay at these lows.
Usually when the party heats up, even the ugly ones are taken to dance.
Silver: Bullish, maybe a bit of short squeeze too. Momentum is increasing.
Copper: Despite all the fears regarding global real economy, copper is also marching up with strong momentum, it doesn't show too long consolidation periods and dips on profit taking are shallow.
As you see, people just want to be bullish on metals. Investors and speculators use any dips to buy more. But what's the situation with Platinum? It is still sleeping, the question is for how long?
Platinum:
- Bullish bias is increasing slowly. While price is still stuck in a wider range of 790-860, the 100 day WMA is slowly turning up, stregthenning support.
- Ichimoku setup has a bullish bias, but averages are still very close to each other. Price has been swinging around Tenkan and Kijun since May.
- The zone to be watched is 852-883. Once price breaks above these levels, the sleepy Platinum will likely follow the same path as Silver.
This is all a technical view. If 1000 bn USD being printed monthly, and besides the other two precious metals even Copper can go so nicely higher, I just don't see a reason why Platinum should stay at these lows.
Usually when the party heats up, even the ugly ones are taken to dance.
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