These charts deserve a closer look. :)
Platinum / Palladium ratio just touched an all time low. You can see the explosive move up, following the last time the price ratio of these two metals touched this level.
Considering the platinum chart on its own... Price recently found support from a ten year old support level... $750. Since then price has mostly consolidated with a couple failed breakouts dropping price back to support. However, although it doesn't look like much on the long term weekly chart, platinum is up $65 from the February low and has broken above $830, previous resistance.
There's a couple interesting things looking at the Palladium chart also. Price is at a measured move above the midpoint from the lows, which also looks to be significant support / resistance. I'm not jumping all in calling a top in Palladium, but $1500 does sort of portray a psychological milestone in and of itself. And although the fundamental argument could be made that price still has a long way to run, I'm sure people were saying the same thing about Platinum in May 2008 before it dropped from $2200 down to $750 in the course of six months.
And often technicals are all that's needed to trigger a sharp reversal in price... Looking at the selloff in crude October 2018....
All things said Platinum looks like a good buy and hold Risk / Reward ratio, supported by the strength across the other precious metals. I'm going to wait and see how Palladium reacts to the $1500 level...
Platinum / Palladium ratio just touched an all time low. You can see the explosive move up, following the last time the price ratio of these two metals touched this level.
Considering the platinum chart on its own... Price recently found support from a ten year old support level... $750. Since then price has mostly consolidated with a couple failed breakouts dropping price back to support. However, although it doesn't look like much on the long term weekly chart, platinum is up $65 from the February low and has broken above $830, previous resistance.
There's a couple interesting things looking at the Palladium chart also. Price is at a measured move above the midpoint from the lows, which also looks to be significant support / resistance. I'm not jumping all in calling a top in Palladium, but $1500 does sort of portray a psychological milestone in and of itself. And although the fundamental argument could be made that price still has a long way to run, I'm sure people were saying the same thing about Platinum in May 2008 before it dropped from $2200 down to $750 in the course of six months.
And often technicals are all that's needed to trigger a sharp reversal in price... Looking at the selloff in crude October 2018....
All things said Platinum looks like a good buy and hold Risk / Reward ratio, supported by the strength across the other precious metals. I'm going to wait and see how Palladium reacts to the $1500 level...