Platinum Hits Another Record High

Source:

"Platinum jumped to $1,632/oz.—its highest level since May 18th."

Platinum advanced to a new record high, as prospects for a further decline in the dollar boosted investor demand for precious metals as alternative holdings. Platinum prices jumped $10.10 to $1,632 an ounce on Monday reaching its highest level since May 18th. Technical indicators show there are good chances platinum prices will increase further with a potential price of $1,675.00 in sight.

The price is currently testing the 100% Fibonacci retracement level and may possess the momentum to break past. The RSI is above 60, which could either mean that the price is in a lasting uptrend or just overbought—in which case a correction could occur (look for bearish divergence in this case). The MACD is positive and above its signal line and the configuration is positive. The next resistance levels are placed at the $1,675.50 and the $1,692.50 levels. The next support levels are placed at the $1,620.50 and the $1,609 levels.

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