Comment: Having almost met our medium term target in $1700 area, spot platinum has slipped from 61% Fibonacci resistance; this is good news because it had become terribly overbought. The corrective dip was stemmed by the 26-week moving average, but we cannot rule out another, deeper leg lower towards $1400, maybe $1340. This is seen as a good buying opportunity, especially if ‘channel’ support holds. This should then set off the next rally to $2000, with bullish momentum increasing on a monthly close above $1555. All-time high $2290, March 2008.
Strategy: Buy at $1540, adding to $1400; stop below $1300. Add to longs on a weekly close above $1600 and again on a monthly close above $1555 for $1700/1755 short term, $1900/2000 medium term.
Strategy: Buy at $1540, adding to $1400; stop below $1300. Add to longs on a weekly close above $1600 and again on a monthly close above $1555 for $1700/1755 short term, $1900/2000 medium term.
