Have Platinum Prices Bottomed ?
Michael Seery of Seery Futures - InsideFutures.com - Wed Oct 09, 9:52AM CDT

Platinum Futures---Platinum futures in the January contract is trading slightly higher for the 3rd consecutive session up $2 at 892 an ounce as prices look to be bottoming out in my opinion.

The contract high was hit on September 5th at $1,000 as we've sold off over 10% during that time span as I think we are forming a bottom as the chart structure is starting to improve, but I will be patient and wait for another 4 week high to be created before entering into a bullish position, however I will not go short as I think the downside is very limited.

If you are a longer-term investor I would be a buyer of platinum as I think historically speaking prices look cheap especially compared to gold and palladium as platinum prices are trading below their 20 day but still above their 100 day moving average as the trend is mixed to choppy.

Volatility at the current time has slowed down, but I don't expect that to last much longer as we experienced huge volatility in the month of September as we are just consolidating the run up in price so look to be a buyer in the coming weeks ahead as I do think eventually the $1,000 level will be broken once again.




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