Platinum Futures Consolidating

Platinum is a market that most people do not follow for various reasons but I prefer to keep an eye on this metal because it sometimes can be a leading indicator for gold and silver. For example last June Platinum began showing weakness ahead of the collapse of gold and silver. A trader who was watching platinum futures would have been tipped of to the coming decline in the metals.

In the above daily chart of platinum futures you'll notice the contracting bollinger bands which usually means a trending move is about to unfold. I think it would be wise to watch this market for a breakout as this may give us a clue to gold's next move.