goodguy

Platinum Futures: Time to change direction to bullish?

Long
NYMEX:PL1!   Platinum Futures
Platinum is at a long term log down trend line from 2008. With the US dollar now falling I favor this line will soon be broken and uptrend begin. Technical observations that support this idea are: 1. Bullish divergence in the monthly RSI . 2. Huge up volume on the last price drop (seen monthly chart). Volume spikes often occur at tops and bottoms. 3. Less important but I think the EWT count is favorable. They may be a brief pullback before a up surge but maybe not.

I see the first target at about 1320, but IFFFFF analysis is correct it may someday exceed the 2300 high.

Take care. Process and trade your way.
Feedback always welcome.