Technicals | Sep 16 2010
By Rudi Filapek-Vandyck
The US dollar has once again come under pressure but most commodities have not exactly maximised their benefits this week. Crude oil futures prices actually declined over the past two days, while base metals didn't exactly throw a party either.
One group of commodities did use the opportunity to march forward, and they are called the precious metals. However, technical market analysts at Barclays point out this morning platinum is not enjoying the same momentum as the other precious materials.
So what's wrong with platinum?
The chartists don't know the answer, other than that the underwhelming performance of platinum does raise some questions, like: is a catch-up to be expected at some point?
Judging from the big picture technical outlook, report the analysts, it would appear the outlook for platinum remains positive. Just as to why platinum has been unable to keep pace with its peers thus remains an enigma at this stage.
As far as the short term outlook goes, the technical analysts believe a close above US$1610/oz would open the gate to further gains to US$1663/oz and to US$1782/oz. This, say the analysts, remains their preferred route ahead.
But until US$1610/oz has been conquered, they cannot exclude a temporary return to US$1540/oz.
