Not because it was shooting higher but because it kept trading while most respectable markets closed in observance of Presidents Day.
US stocks, grains, and other god-fearing commodities did not trade. So investors needed something to talk about other than Bitcoin.
But as gold stole the headlines, no one was talking about platinum.
I like that platinum isn’t attracting too many eyeballs right now.
Here’s why…
Platinum futures are carving out a potential multi-year reversal pattern.
A series of former highs (the 2021, 2022, and 2023 peaks) mark a critical area of overhead supply and our breakout level at approximately 1,140.
But no one seems to care – probably because price is trading well below a reasonable risk level.
Precious metals – not just gold and silver – are a range-bound mess at best. Yet glimmers of hope lie within platinum’s sideways chop.
Momentum (14-week RSI) is oscillating within a bullish regime. Price is also holding above the 2022 and 2023 lows.
I understand if those data points fail to excite. At the end of the day, it’s all about price.
All I’m saying is, give platinum a chance.
Check out the eight-month base forming below last summer’s highs:
Those former highs highlight a more actionable risk level that could propel price toward the upper bounds of a multi-year bullish reversal pattern.
A break above the July closing high of 994.30 triggers a buy signal, setting an initial target of roughly 1,140 (former resistance).
I also like the overbought 14-day RSI reading that accompanied last year’s failed breakout. It’s constructive for the bull case, as is the bullish momentum divergence.
Best of all, momentum hasn’t registered an oversold reading since July. That’s impressive.
If platinum futures resolve higher, this overlooked underdog could cut loose. When it does, I imagine gold and silver futures will enjoy a similar bid.
