Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (100488)	7/14/2021 10:30:04 AM
From: Goose94	Read Replies (1) \| Respond to of 202704

Platinum: Be the Preferred Play Oct Platinum Similarly, this week’s resumed strength above 06-Jul’s initial counter-trend high at 1118 confirms a bullish divergence in daily momentum that defines 21-Jun’s ?1021.7? low as the prospective end to a 3-wave setback from 16-Feb’s ?1348.2 high. Left unaltered by a relapse below ?1021.7?, this 3-wave structure is considered a corrective/consolidative affair that warns of a resumption of the secular bull trend that preceded it. Commensurately larger-degree strength above 10-May’s ?1281.4? high remains required to CONFIRM this longer-term bullish count. But by virtue of this week’s continuation of the past three weeks’ ?uptrend, we can also define 30-Jun’s ?1049? low as the latest smaller-degree corrective low the market is now required to fail below to jeopardize the ?impulsive integrity of a bullish count that could have massive upside potential. What’s really compelling about the long-term bullish prospects in platinum are: ??Dec’20’s bullish divergence in MONTHLY momentum above Jan’20’s 1046 high that, in fact, broke the secular bear market from Mar 2008’s 2308 all-time high ?although the recovery from Mar’20’s 562 low has thus far stalled at the exact 61.8% retrace ?of that 12-year decline ??the market’s acknowledgement thus far of former 1035-area resistance from most of 2020 as new support shown in the weekly log chart below market sentiment/contrary opinion that has eroded to relatively neutral/indifferent levels as a result of this year’s setback that now won’t inhibit a resumed major bull move, and the fact that platinum remains at a sharp ($696) discount to gold after trading more than $1200 above gold back in 2008. Even if this gold-platinum spread returns to “even” with gold not budging at all, this would place platinum up around 1800. As discussed above however, we anticipate a resumption of the secular bull market in gold. Platinum is likely to go with it and could easily outperform gold per the gold-platinum spread chart below. These issues considered, a cautious bullish policy and exposure are advised in platinum as well with a failure below 1049 required to defer or threaten this call enough to warrant a move to the sidelines. In lieu of such weakness, further and possibly accelerated gains should not surprise. RJO Market Insights