July platinum has established a month-long $158 trading range from $1663.90 to $1822.10. Today the precious metals followed crude oil (down $3.72 at this writing) and the stock market lower in a profit taking session. The speculative premium may be slowly coming out of the commodities markets. This could affect gold, silver and platinum as well.

A Goldman Sachs research note circulated late Monday, which said the bank would temporarily exit its bets on higher copper and platinum prices. Goldman cited the threat of higher oil prices would slow economic growth and cut near term demand for these commodities.

I remain bullish long term on gold and platinum. Naturally and as usual, we could see a period of choppy consolidation before the next upside breakout.

Jul platinum $1,774.30, down $18.50; Range $1,770.40-$1,796.50
Jun palladium $770.10, down $18.15; Range $762.00-$788.55
Jun gold $1,453.60, down $14.50; Range $1,445.00-$1,468.50
May silver $40.045, down 54.6 cents; Range $39.705-$40.910

With silver leading the way, a new record high for gold pushed July platinum to the threshold of $1800 an ounce today. It’s the usual suspects of persistent global uncertainty; the ongoing conflict in Libya, European sovereign debt and a stronger oil price triggering global inflation fears.

You’ve got to love that silver, hitting another 31 year high.

Jul platinum $1,796.8 up $9.80; Range $1,784.00-$,1800.70
Jun palladium $793.10 up $8.70; Range $775.75-$$794.30
Jun gold $1,452.50 up $19.50; Range $1,431.00-$1,455.50
May silver $39.183 up 68.9 cents; Range $38.070-$39.245

Following a strong rally in the S&P 500 July platinum settled $31.60 higher at $1775.70, making a new high since the March 17 low. Just what the doctor ordered for the bulls. There is still a lot of resistance at $1780 and $1810.

Big trades are on hold for the U.S. unemployment report due on Friday.

Jul platinum $1,775.70, up $31.60; Range $1,744.10-$1,780.50
Mar palladium $758.10, up $5.15; Range $747.40-$762.00
Jun gold $1,424.90, up $7.40; Range $1,413.10-$1,431.70
Jul silver $37.535, up 52.6 cents; Range $36.950-$37.780

April platinum is at the upper end of a ten session trading range between the March 17 low at $1658 and the March 24 high of $1768 to settle today at $1747.80.  The watchwords are going to be range bound consolidation until gold and the S&P decide what they are going to do. 

While the chart looks as though the nuclear bear scare is over I expect another test of support at the $1768 low.  It may take a week, it may take a month but if the trading ranges narrow and gold goes lackluster we could see a period of choppy, sideways trading until the next volatility event brought on by Japan, the Middle East, the European banks , the Fed, and all the etceteras traders have to watch for in these turbulent times. 

Buy and hold long term.

Apr platinum $1,747.80, up $2.20; Range $1,725.20-$1,748.40
Jun palladium $745.70, down $4.70; Range $736.10-$751.65
Apr gold $1,419.90, down $6.30; Range $1,410.10-$1,430.00
May silver $37.088, up 3.9 cents; Range $36.435-$37.430

An honorable mention for platinum as an indicator of precious metals (with a chart) from P Radomski at Safe Haven.

After another big $52.60 trading range day April platinum settled $6.40 higher at $1706.90. The danger is hardly yet passed between Japan's nuclear crisis and political instability in the Middle East. There could be 2008 style liquidation ahead if the news doesn’t turn good quickly.

In the meantime April platinum is approaching critical support at $1640. If that doesn’t hold the next downward targets are $1614 and $1570.

The bulls are very close to giving up the ghost. If April platinum doesn’t start consistently trading above $1710 it won’t matter that gold and silver are holding to high price levels through these crises. Platinum is auto building industrial material once the fund speculators have abandoned the field.

The bulls did bring platinum back from the low of $1658 to settle close to the high in positive territory. The chart picture and the general market conditions remain extremely bearish, however.

Apr platinum $1,706.90, up $6.40; Range $1,658.00-$1,710.60
Jun palladium $716.80, up $11.75; Range $687.00-$721.50
Apr gold $1,404.20, up $8.10; Range $1,386.80-$1,405.40
May silver $34.258, down 21.4 cents; Range $33.640-$34.695

April platinum settled down $5.10 today at $1700.50 after putting in a trading range of $49.50.  The waters are anything but calm because of problems at Fukushima Daiichi. Authorities were forced to scrap plans to extinguish smoldering spent fuel by dumping water from a helicopter due to high radiation, while the European Union's commissioner for energy said "the site is effectively out of control."

John Cassidy at The New Yorker has an insightful take that I believe applies to platinum and palladium.

“What is really going on, I suspect, has little to do with the underlying forces of supply and demand: it is mainly about speculation. The same foreign investors who are dumping Japanese stocks are selling oil futures to hedge the big long positions they have been holding. They are also dumping gold—traditionally seen as a safe haven in uncertain times—and other commodities, such as copper, corn, and wheat.”

Apr platinum $1,700.50, down $5.10; Range $1,681.00-$1,730.50
Jun palladium $705.05, up 15 cents; Range $692.00-$722.65
Apr gold $1,396.10, up $3.30; Range $1,395.20-$1,406.60
May silver $34.472, up 35.5 cents; Range $33.845-$35.080

Today we saw disaster driven liquidation across the board in stocks and commodities as Japan's crisis saw traders lower their expectations for global car demand. This is the kind of thing it could take a few months to recover from, possibly longer.

April platinum settled $46.70 lower at $1705.60. The next downside support levels are $1672 then $1639. I expect a technical bounce above $1710 with prolonged consolidation around that level. That is if it doesn’t sink lower still.

Japanese auto makers suspended production in the wake of a massive natural disaster. Japan is now facing a potential nuclear meltdown at the Fukushima Daiichi power generation facility, where further explosions were reported Tuesday.

I think the selloff is a little overdone. Platinum and palladium are tiny sideshows compared to just about everything else which took a hit today e.g. soybeans, corn, sugar, crude oil, gold, silver, take your pick.

It will take some time for the dust to settle. While Japan isn’t the whole world, traders now think car demand will be substantially subdued as Japan will be slow to recover from the damage, weighing on the global economic recovery.

Apr platinum $1,705.60, down $46.70; Range $1,692.20-$1,758.20
Jun palladium $704.90, down $43.30; Range $689.20-$749.00
Apr gold $1,392.80, down $32.10; Range $1,380.70-$1,429.00
May silver $34.117, down $1.723; Range $33.565-$35.955

Platinum and palladium both settled at two-month lows after Japanese car makers suspended production due to rolling power balckouts, damaged facilities and logistics disruptions following the natural disaster.

Most of the platinum and palladium in the world is traded on the Tokyo Commodities Exchange. We may be seeing some disaster liquidation. Japan is a major consumer of both metals.

In any case last week’s technicals pointed to lower prices toward the $1710 area in April platinum.

Apr platinum $1,752.30, down $29.40; Range $1,739.90-$1,787.00
Jun palladium $748.20, down $17.30; Range $744.10-$763.55
Apr gold $1,424.90, up $3.10; Range $1,418.20-$1,433.50
May silver $35.840, down 0.95 cents; Range $35.500-$36.505

April platinum broke through six week support at $1660 today putting in a low of $1754.70, but settled just above it at $1765.60. With substantial corrections in gold and silver it’s not surprising to see platinum at the lower end of its consolidation range. Gold is flirting with all-time highs while silver is still a gangbuster. Everyone in the world expects higher prices which should inspire caution.

However, the fundamentals for platinum have not changed even though the technicals are shaken. Platinum tends to follow the stock market and the recent pause in stocks is putting a brake on precious metals prices. Gold has to make new highs for platinum to rally. If the correction in gold deepens platinum will follow.

Make no mistake though; today’s session was more than just a warning shot from the bears. Platinum has to get back to the $1820 level for the bulls to regain control. I expect April platinum to test $1710 and consolidate from there before enthusiastic buying returns.

Apr platunim $1,765.60, down $36.40; Range $1,754.70-$1810.00
Jun palladium $766.40, down $15.25; Range $761.10-$784.80
Apr gold $1,412.50, down $17.10; Range $1403.00-$1,431.80
May silver $35.066, down 98.3 cents; Range $34.660-$36.190

For the past week April platinum has traded within a $95.00 range between $1770.50 and 1865.50. Today April platinum closed at $1820.40, still within last week’s boundaries. Let’s keep it simple; a close above $1870 is bullish and a close below $1760 is bearish. The bullish case made by the February 24 bounce off of $1770 is still to be refuted by the bears.

I don’t think it will be refuted. Perhaps it will be tested if gold corrects for a spell after making a new all-time high today, but not negated. Keep buying and stay long.

Apr platinum $1,820.40, down $17.50; Range $1,801.60-$1,847.60
Jun palladium $790.10, down $19.70; Range $782.00-$820.90
Apr gold $1,434.50, up $5.90; Range $1,428.30-$1,445.70
May silver $35.865, up 53.8 cents; Range $35.605-$36.745

April platinum settled up $16.60 on the day at $1803.40. That leaves a good $33.00 cushion above the three-month support level of $1770 after bouncing off of it twice. Recoveries in the stock market and industrial copper helped platinum as well. Indeed, today was a good buy day and Monday should be also.

Put some platinum and palladium into your pool accounts this weekend, brothers and sisters. They’re going higher.

Apr platinum $1,803.40, up $16.60; Range $1,783.30-$1,808.00
Mar palladium $785.45, up $7.70; Range $774.30-$789.55
Apr gold $1,409.30, down $6.50; Range $1,400.10-$1,412.40
Mar silver $32.898, down 26.8 cents; Range $32.035-$33.150