October platinum just managed to close above $1550 today after a nice run up from the August 24 low of $1491.10. I wouldn’t be surprised to see additional short covering ahead. Platinum needs favorable economic readings and positive equity prices to rally while gold seems to need economic uncertainty. Platinum is smack dab in the middle of its $1500 to $1600 range waiting for economic numbers due this Friday.

Note that it is no accident that the high of today was $1559.90, one tick below round number $1560. It means there is likely some resistance there.

We are at a turning point in both gold and platinum. They are trading at cross purposes one representing an economic safe haven and the other raw industrial demand.

Oct platinum $1,551.50, up $15.80; Range $1,531.00-$1,559.90

Dec palladium $525.25, up $5.15; Range $515.40-$526.45

Dec gold $1,253.40, up $5.30; Range $1,245.30-$1,255.20

Dec silver $19.672, up 27.9 cents; Range $19.345-$19.740