Dear INO.com Readers,
New month, new everything!
As seen on the above monthly chart, Platinum spent a pretty quiet season inside of a narrow $100 range, sitting on the 61.8% Fibonacci level around $1200, trading with a discount to Gold. February closed lower at $1185, with the monthly low at $1155 and touched the falling wedge pattern's support. Price couldn't accumulate enough momentum to fulfill the pattern so far. The pattern is bullish and to bring the bullish track the white metal would need to overcome the wedge's resistance at $1500 and two Fibonacci levels at $1203 and $1340 on the way to it, difficult but still a possible task.
I don't rule out that with such an unconvincing performance, the bears would try at another chance to break below the wedge's support at $1150. That will negate the model and the price could quickly reach the last Fibonacci support at the $1034 level. I don't want to be too cruel and imagine what would be next after that. [Continue reading]