Dec 16, 2016
$PL_F – Platinum – Has broken a head and shoulders formation Platinum is within a falling trend. Has also broken a head and shoulders formation. Continued negative development within the trend channel is indicated.
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$PL_F – Platinum – Has broken a head and shoulders formation Platinum is within a falling trend. Has also broken a head and shoulders formation. Continued negative development within the trend channel is indicated.
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The Precious Metals complex is capping off its best week since early October with Gold, Silver, Platinum and Palladium adding 3.6% as a group just prior to the open of Friday's trading.
Gold and Silver are each breaking a 15-month descending trend line, while Platinum is completing a bullish Three Inside Up pattern, marking a successful retest of its own trend line break in January. Typifying the week's constructive move higher, RSI is just peaking into bullish territory >50 in each case.
By comparison, industrial metals - namely Copper, viewable in the lower-right pane - are getting only a modest lift. While PMs have a lot of work to do, they are still almost universally derided here. Even if they aren't bottoming here - a prospect looking increasingly better - the recent double bottom each of them put in place provides a well-defined baseline against which to measure risk and place stops. Copper, on the other hand, isn't capturing this momentum, with an ascending triangle that favors a corrective over a bottoming scenario. -- AK