Platinum Hits 14-Yr. Low; Palladium at 13-Mo. Low
(Kitco News) - The platinum and palladium markets are also feeling thebearish effects of a strong U.S. dollar and the prospects of a world trade wardiminishing demand for both metals. Platinum futures dropped to a 14-year lowtoday, while palladium futures hit a 13-month low.
The longer-term weekly charts for both metals are inbearish technical postures. The next major downside target for platinum futurescomes in at psychological support at $700.00, as prices have just dropped belowthe 2008 low. And from a longer-term technical perspective, platinum priceswill have to push back above major psychological resistance at $1,000 togenerate some longer-term technical strength. ("Longer-term"perspective means looking at the weekly and/or monthly charts.)
Palladium futures see the next major downside target atpsychological support at $800.00. The bulls can argue the present pullback inprices that began after last year's record high is just a downside correctionfrom that high. Still, the palladium bulls need to push prices back above thekey $1,000.00 level to regain longer-term technical strength.
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