Why I Am Watching Platinum
Above is a daily chart of platinum vs gold. You'll notice that platinum is not only holding its uptrend line but it's also making a higher low compared to gold. This means that Platinum is the stronger of the two metals. If the metals are going to rally, platinum should lead the way which is why I will watch this metal for clues as to which way gold will move. If platinum however breaks its trendline, that could be very bearish for gold.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
5 comments:
Kevin,
Doesn't gold look like with is waving a bull flag with a potential measured move to 1360-1380?
Mike
Kevin,
Though I trade currencies for a living, (I understand the correlation) you should be commended on your dedication to your profession and your passion for analysis. I always look forward to your postings and I am in absolute awe that you afford us the ability to have insight into your thoughts.
I appreciate your blog and thank you!
Alan
Alan, thank you for those kind words. :-)
Hi Mike,
I see what you are looking at. On the weekly chart there is indeed a bull flag but as of now there is no entry to get long. Good observation.
Hi Kevin,
We have a breakout on gold today but I think one more test of 1040-1050 area will allow the wedge (flag,pennant) to be more defined. I am planning on getting long there via GDX with a mental stop using gold at 1020.
Post a Comment