Longs Ahead In Platinum Amid Supply Tightness
The ongoing dovish stance from central banks across the board, especially from the Fed, has pushed investors towards precious metals such as gold, silver and platinum as a stable store of wealth. Unlike other precious metals, the platinum market has been witnessing a severe supply side deficit in recent years due to strong industrial demand and the rarity of the metal’s availability. Commerzbank forecasts platinum prices will average $1,000 per ounce in the third quarter this year, $1,050 in the fourth and $1,100 in the first quarter of 2017. On the hourly chart, Platinum is on course to advance from a low of 965.06, which was formed early today. The stochastics chart shows that the commodity has been struggling in the overbought territory since a while. Hence, the price is anticipated to extend its up-move for a while, and may pull back into a bearish correction thereafter.
Buy stop at 979.55, Stop loss at 976.20, Take profit at 982.12