Platinum Prices Are At Important Levels
- Posted by JC Parets
- on February 14th, 2013
This is such a fascinating space. Precious metals, often times, are in a world of their own. Meaning, the absolute prices gain and lose correlations with other asset classes constantly. We’ve mentioned the Platinum to Gold ratio here before and that spread continues to work. The Gold to Gold Miners ratio also keeps rocking as Miners can’t seem to find a bottom.
But today let’s focus on the absolute prices of Platinum. The daily chart below shows the important overhead resistance between 1720 and 1740. This level has been trouble for over a year now. But the 1900 and change resistance up above that goes back to 2011 is still a long way from current prices.
We probably want to see this resistance cleared before taking on any significant risk. But I think it’s awesome that Platinum continues to dominate the precious metals space. So in relative terms, it obviously looks great. But on an absolute basis, I think it’s worth pointing out that we’re hanging out up here at some real levels.
Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.blog comments powered by Disqus
J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. More
- Eagle Bay Capital Managed Assets
- They Hate Cotton Right Near Historic Support
- Financials Are Breaking Key Support On a Relative Basis
- The Problem That I See With Silver
- Words of Wisdom From Jim Rogers
- Watching Micro-caps to Gauge Risk-Appetite
- Here’s Why There Is A Trade In Corn
- Fox Business: S&P500 On Multiple Timeframes
- Which is the Best S&P Sector to be Overweight?
- Materials Look Attractive on a Relative Basis
Archive by Year