Ryan_Gorman

Platinum Down On Dollar Strength

NYMEX:PL1!   Platinum Futures
The Platinum market rebounded nicely off the inverse head and shoulders pattern from the lows on July 14th, climbing through resistance and getting stuck right at the 200-day moving average. The market was near overbought levels, and the recent strength in the dollar has pushed Platinum back to old resistance, which will now act as a support pocket. If there is continued strength in the dollar and little bullish economic data, the market could break below this pocket and towards the mid-July lows. If the dollar pulls back and the economy seems to be gaining strength, it could be a catalyst to the upside inviting more buyers.

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