Daily Commodities Update: Platinum
By ForexMansion.com
By Jonah S. Ford
A potentially bullish long term formation has developed in the platinum futures which could signal a major bottom in place. Platinum has been hit hard throughout the sharp sell-off in the precious metals, trading at a historic discount of over $150 per ounce relative to the price of gold. Platinum traditional trades around $300 per ounce or more above the price of gold making the current price inversion a rare event and unlikely to last long.
After pushing through the $1,500 per ounce level to form the swing low, platinum futures reversed back into a sideways channel and stabilized. This price action created an Inverse Head and Shoulders chart pattern on the 240-minute time interval which may become a major trading level as the overall trend progresses.
A break of the neckline at $1,480 would be needed to trigger a downside technical breakout and eventual move below the pattern’s bottom. This would be a very bearish development; however the market appears to be setting up for a move higher to test the resistance at $1,560 per ounce. A successful move above here would initiate an upside forecast with major upside potential as platinum works towards regaining a premium over gold, which is currently holding back above $1,675 per ounce.
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