Platinum Futures---Platinum futures in the October contract is trading higher by $10 at 824 an ounce looking to break out to the upside and if you have been following any of my previous blogs you understand that I'm looking at a possible bullish position in the coming days ahead.
Platinum prices have been stuck in a 5 week consolidation and is now trading above their 20 day, but still below their 100 day moving average as the trend is mixed, but it certainly looks to me that a bottoming out pattern is starting to develop as I think platinum is cheap especially compared to gold and the palladium market.
At the current time I'm also recommending bullish positions in silver and palladium and I also think gold prices are headed higher so keep a close eye on this market as we could be involved possibly tomorrow.
The true break out in my opinion stands at 838 and if that does happen I would place the stop loss under the May 30th contract low of 793 as the risk is around $2,300 per contract plus slippage and commission as I do believe the risk/reward are in your favor to take a trade if the breakout occurs.
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