Here Is My Platinum Trade

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Platinum Futures---Platinum futures in the July contract is currently trading at 1,254 an ounce after settling last Friday in New York at 1,205 up about $50 for the week as prices are right near a 3 month high.

I am now recommending a bullish position while placing the stop loss under the March 5th low of 1,115 as the risk is around $7,000 per contract plus slippage & commission, however the chart structure will improve later next week therefor the monetary risk will be reduced tremendously. Platinum prices look to move much higher in my opinion as historically speaking they still look cheap as the entire precious metals sector looks to continue another leg higher in the coming months ahead and I see no reason to be short anything.

At the current time I also have a bullish silver recommendation which continues to move higher as prices are trading above their 20 and 100 day moving average telling you that the trend is to the upside as this year has some of the strongest trends I've experienced in quite some time.

The next major level of resistance stands at the 1,275 level and if that is broken then prices could trade up for the 1,500 area in the coming months ahead as there a significant room to run especially if the U.S dollar continues its bearish momentum coupled with the fact that interest rates remain historically low as the 10-year note is yielding 1.50%. 

TREND: HIGHER

CHART STRUCTURE: SOLID

VOLATILITY: HIGH

If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com 

TWITTER---@seeryfutures 

 Email: mseery@seeryfutures.com

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