Last time I updated the platinum chart in March was when "Palladium Pushed Platinum To A Record Low" within the ratio mostly due to the strength of palladium. Platinum has hovered around $900 for three years now as it was lost and forgotten after the “execration” of diesel engines. This "fallen angel" had been shaping a sideways consolidation this past spring, and I had thought it could repeat 2018’s drop following the same structure. The targets were set at the $640 and $401 on the downside, and the invalidation point was assigned to $1034.
Let's see below how you voted for the future of platinum.
Most of you picked the $1034 option, which implied the breakout of the consolidation in the upside direction towards the invalidation area. This was the closest call as the majority voted for a bullish move, which, indeed, had happened as platinum couldn't break below the consolidation valley of $788 and bounced up to reach the $1000 level this past September. That price hasn't been seen since February 2018. Again, this was your amazingly accurate prediction, not only for that period but also for a longer-term outlook as I spotted it in the big chart below. Continue reading "Platinum Could Rocket To $1912"