Gold and silver displayed hugely significant technical bullishness on the charts today. January platinum held firm on spillover buying. What perhaps should have been a setback to the $1600 level was stopped in its tracks. If this is the best the bears can muster in terms a correction their hand is very weak. The short term resistance is still at $1650, only about $10 away from today’s close at $1640.70.

Jan platinum $1640.7 up $5.70; Range $1609.00-$1642.70

Dec palladium $560.45 up $8.25; Range $541.00-$563.75

Dec gold $1308.30 up $9.70 Range; $1276.20-$1311.80

Dec silver $21.707 up 23.60 cents; Range $21.060-$21.775

October platinum met some technical resistance at the $1640 level and closed at $1632.90. I say $1650 here we come. With gold and silver making new highs by the minute and the S&P 500 still trading above a three month consolidation, technical resistance probably won’t mean much.

Oct platinum $1,632.90, up $20.50; Range $1,621.00-$1,640.80

Dec palladium $541.90, up $11.85; Range $534.05-$547.65

Dec gold $1,292.10, up $17.80; Range $1,287.50-$1,298.00

Dec silver $21.055, up 41.5 cents; Range $20.930-$21.200

October platinum closed at $1621.80, above the June and August highs, although not decisively as it faded from the high of the day of $1630.70. The next possible stopping point is $1640. Without a market sector itching to sell it may not be long before platinum regains its 2010 high of $1760. When considering the thinness of the platinum market there may be explosive, volatile moves ahead especially if auto demand stays firm.

Oct platinum $1,621.90, up $10.00; Range $1,604.20-$1,630.70

Dec palladium $545.70, down $3.65; Range $541.60-$557.00

Dec gold $1,277.50, up $3.70; Range $1,273.00-$1,284.40

Dec silver $20.816, up 4.5 cents; Range $20.620-$21.025

October platinum had some trouble staying above the June 21 high of $1617.80. It closed today at $1611.90 after reaching a high of $1619.00. Unless it can decisively pierce and trade above the $1617 high there could be a little downward back and fill in the coming sessions before the rally resumes. It might be a good buying opportunity for those still on the sidelines.

Oct platinum $1,611.90, up $6.60; Range $1,594.60-$1,619.00

Dec palladium $549.35, down $10.25; Range $548.00-$564.55

Dec gold $1,273.80, up $5.10; Range $1,266.10-$1,279.50

Dec silver $20.771, up 20 cents; Range $20.475-$20.825

Today October platinum closed above $1600 at $1605.30. We’ll see how long it lasts. If $1600 seems expensive it is still cheap compared to the April 2010 high of $1760 and cheaper still compared to the 2008 high of $2308. If gold continues to hold it’s own platinum should continue to catch up with follow through investment buying. It could get very volatile with big trading ranges.

Oct platinum $1,605.30, up $10.90; Range $1,580.90-$1,612.70

Dec palladium $559.60, up $5.80; Range $540.25-$564.35

Dec gold $1,268.70, down $3.00; Range $1264.50-$1,273.50

Dec silver $20.571, up 13.9 cents; Range $20.340-$20.650

October platinum closed $44.50 higher on the day at $1594.40. It stands to reason. The cheapest metal is platinum and the most overbought is silver. With gold making another all time high, platinum has suddenly become undervalued.

If platinum can consistently trade above $1600 it will be on track to follow gold and silver higher still. The funds are now buyers and platinum is a precious metal again, not just an industrial necessity.

Oct platinum $1,594.40, up $44.50; Range $1,553.30-$1,595.90

Dec palladium $553.80, up $24.00; Range $532.00-$554.45

Dec gold $1,271.70, up $24.60; Range $1,246.00-$1,276.50

Dec silver $20.432, up 28.1 cents; Range $20.030-$20.550

Platinum is still close to the bottom of a big ‘L’ formation on the charts. The longer the choppy, sideways trading goes on the more the $1500 level becomes a support platform for higher prices. With gold and silver gunning for new highs the fund speculators will sooner or later plunge into platinum and push it beyond $1600. It could happen fast but it hasn’t yet. For now October platinum is hovering just below its short term resistance of $1560.

Summer is over and it’s going to get interesting again.

Oct platinum $1,556.30, down $4.80; Range $1,546.30-$1,568.20

Dec palladium $523.20, down $8.25; Range $520.75-$533.00

Dec gold $1,259.30, up $8.20; Range $1,246.40-$1,261.60

Dec silver $19.914, down 3.5 cents; Range $19.585-$20.045

October platinum followed the stock market up early in today’s session and closed just above its new short term pivot point of $1560. That’s good to know but in puny markets that only trade three to four thousand lots a day these little price points and resistance levels can be blasted through like they never existed. My gut tells me there is a big surprise move in store for platinum and I think it is going to be to the upside.

While still very vulnerable to corrections following the S&P platinum isn’t going anywhere, up or down, without gold. If gold breaks out to new highs platinum has a lot of catching up to do regardless of weak auto demand and the horrible economic outlook. While historical anomalies are possible the likelihood is small that gold and platinum will delink and go their separate ways.

Palladium broke through its weekly resistance and is heading for its April 2010 highs. Silver also has nowhere to go but up. It is leading the way for the metals. The only laggard is platinum.

Barring a big volatility event platinum is a market that doesn’t know what it wants. Does it want to dance with gold or the S&P? It is like an actor playing two parts, both the boy and the girl. I think platinum will consolidate sideways for a while longer. The short covering rally should continue to $1600.

Oct platinum $1,561.10, up $9.60; Range $1,547.30-$1,566.70

Dec palladium $531.45, up $6.20; Range $522.60-$533.65

Dec gold $1,251.10, down $2.30; Range $1,239.20-$1,255.60

Dec silver $19.490, up 27.7 cents; Range $19.505-$19.975