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Excellent Chart Structure In Platinum

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Platinum Futures---Platinum futures in the July contract is currently trading higher by $2 at 813 an ounce in a relatively quiet trade especially compared to gold which is right near a 6 year high trading up by another $11 as the precious metals except for platinum have established bullish trends in my opinion.

At the current time I have bullish recommendations in silver and in the palladium market and I certainly think gold looks to move higher as well as I continue to keep an eye on platinum as I don't understand why it is so cheap as I think a breakout is looming.

If platinum prices close above the 833 level which would be the 6 week high I then will be recommending to buy a futures contract while placing the stop loss under the contract low standing at 786 as the risk is around $2,500 per contract plus slippage and commission as it looks to me the prices are bottoming out.

If you take a look at the 6 month chart we continually bounce off that 790 level as I think that will hold especially the way the rest of the sector is acting as strong demand has come back and I think eventually it will come back into this market as I will keep a close eye on this market as we could be involved possibly in tomorrow's trade as I will not go short.




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About the author

Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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