January platinum had its technical bounce to $1678.00.  Now it is set to retest the recent low at $1628.  It is very significant that it traded above the April 2010 high at $1760 for only a few sessions before fading below it again.  It means that the long term bullish prospects have been put on hold, for how long remains to be seen.

I’m expecting a bearish wave to wash over the precious metals.  It may not be too deep as far as prices go but the length of time could be considerable.  Platinum could well repeat its recent May through September L shaped consolidation.  Unless firm buying comes into gold and silver right about here and now, the bulls are checked.  Look for lower prices in a choppy trade.

Jan platinum $1,655.50, down $15.60; Range $1,649.30-$1,678.00

Dec palladium $684.70, down $19.00; Range $679.05-$715.00

Dec gold $1,357.80, up $5.50; Range $1,347.90-$1,364.80

Dec silver $27.461, up 28.2 cents; Range $27.075-$27.895