Graph of the Day

Click on Graph for Full Size Image

Spot platinum prices have rallied impressively from below $750 an ounce in October 2008 to almost $1300 last month.

Yes, impressive, but consider from where this market has come; $2200 an ounce. From high to low platinum was reduced to merely one THIRD of its best level in just 9 months last year.

As you can see from the graph, the rally has flattened out, and what’s more potentially dangerous is the head and shoulders interpretation as highlighted by the circled area on the graph.

There may be a bounce back from this morning levels as the right shoulder continues to form, but in our view the danger is down to support at $1000 an ounce.

The Punter

This entry was posted on Monday, July 6th, 2009 at 9:54 am and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed.