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

The low of the day in April platinum was $1771.10, right on top of support due at $1770. With gold up another $14.00 and silver up another forty cents, it seems platinum is set to resume trending upward.

The crude oil market is on fire due to tensions in Libya. Platinum should be due for some safe haven wall-of-worry buying in the coming sessions. Probably not spectacular, straight up buying as in crude oil, but some.

Apr platinum $1,776.70, down $9.60; Range $1,771.10-$1,812.00
Mar palladium $774.55, down $31.15; Range $765.10-$811.80
Apr gold $1,414.00, up $12.90; Range $1,396.00-$1,417.30
Mar silver $33.298, up 43.6 cents; Range $32.680-$33.765

April platinum settled down $57.00 today at $1786.30.  It has clearly breached a 3-month intermediate trend support line at about $1800.  If it doesn’t get back above $1800 the next support level is $1760.  With gold and especially silver rallying like mad today’s session seems like a gold-to-platinum ratio adjustment.  If gold can hold on to $1400 the rally could continue.  I’m expecting a sharp but short-lived correction in gold, which has already started in platinum. 

Look at any dips to lower prices as buying opportunities.  In April gold $1380 is pivotal while the buying opportunity in April platinum is right here.  $1760 would be even better.

Apr platinum $1,786.30, down $57.00; Range $1,785.60-$1,858.00

Mar palladium $805.70, down $52.00; Range $799.30-$861.45

Apr gold $1,401.10, up $12.50; Range $1,390.10-$1,411.50

Mar silver $32.862, up 56.6 cents; Range $32.390-$34.330

Silver pushed to fresh 31-year highs, leading the precious metals once again.  Gold closed at a five week high.  April platinum closed at $1844, quite within striking distance of the February 9 high of $1869.  All systems are go for higher prices ahead; higher U.S. inflation data, consumer prices inching up, volatile food and energy prices, simmering political tensions in the Middle East.  Even the U.S. Treasury yields are starting to soften.

One word—buy.

Apr platinum $1,844.0, up $9.70; Range $1,823.90-$1,846.10

Mar palladium $843.00, up $4.65; Range $833.25-$847.00

Apr gold $1,385.10, up $10; Range $1,374.60-$1,385.40

Mar silver $31.570, up 94.1 cents; Range $30.550-$31.705

Over the last three sessions April platinum went from a high of $1869 to a low of 1803.50. That’s a $65.50 three-day plunge. The technical bullish trend is still intact in spite of the recent bearishness, however.  With interest rates crawling higher and the situation in Egypt heading toward a peaceful resolution the precious metals along with Suez Canal sensitive crude oil may be in for a jolt from the bears. 

The S&P forging new highs by the minute is good for industrial platinum, though.  The markets will have the weekend to digest the level of political unrest and how to respond.  Platinum is still bullish but the tune could change in a hurry as usual.

Apr platinum $1,813.50, down $17.30; Range $1,803.50-$1,840.20

Mar palladium $814.70, down $6.20; Range $805.00-$828.90

Apr gold $1,360.40, down $2.10; Range $1,354.30-$1,369.70 

Mar silver $29.995, down 9.9 cents; Range $29.685-$30.285 

Platinum and palladium have been holding their value better than gold.  Gold made its highest close since the January 28 low of $1309 at $1364.  We’ve seen forty bucks taken off of gold one session many times but taking the market at its word it looks bullish.  April platinum closed $17.70 higher at $1861.90.  There is very little resistance until $1950.  The metals are going higher, especially palladium. 

Apr platinum $1,861.90, up $17.70; Range $1,838.40-$1,867.40
Mar palladium $838.45, up $19.40; Range $815.75-$839.50
April gold $1,364.10, up $15.90; Range $1,348.90-$1,368.70
Mar silver $30.271, up 92.8 cents; Range $29.260-$30.315

Gold seems to have stabilized, closing today at its strongest price in two weeks.  April platinum settled $15.50 higher on the day at $1844.10.  I’m still expecting lower gold and platinum prices but they haven’t materialized yet. 

If April gold can manage to stay above $1350 the correction could be over and the secular rally may resume.  Still, the bottom in gold isn’t convincing enough at this point.  Still watching, still waiting.

Apr platinum $1,844.10, up $15.50; Range $1,820.60-$1,845.50
Mar palladium $820.55, up $10.00; Range $805.75-$820.95
April gold $1,353.00, up $20.90; Range $1,325.40-$1,356.60
Mar silver $28.728, up 43.9 cents; Range $27.960-$28.855

February gold is now trading well below its three-month support level. This will inevitably affect platinum and palladium prices. Today April platinum settled at $1803.50, up $6.60 but it won’t last. Even though platinum has plenty of technical support before hitting its Maginot line at $1640, the established downtrend in gold should prove too heavy a counterweight.

Wait for a good buy day at lower prices.

Apr platinum $1,803.50, up $6.60; Range $1,781.40-$1,819.40

Mar palladium $813.50, up $8.90; Range $802.05-$819.00

Feb gold $1,318.40, down $14.60; Range $1,315.70-1,347.50

Mar silver $27.031, down 97 cents; Range $26.775-27.795

The weakness in gold and silver finally caught up with the platinum market today.  April platinum settled $32.30 lower at $1787.30, just on the verge of negating the $177 triangle chart pattern formed in the last two months.  Investment fund demand has softened for precious metals in favor of other things. 

While April platinum is still in breakout territory it is hard to imagine that gold and silver won’t drag it down further still.  I would say the party is over for the bulls.  In fact it was over when February gold broke below $1350.  While the technical damage in platinum is still salvageable, the gold chart points to lower prices ahead.  That means platinum and palladium too.

Apr platinum $1,787.30, down $32.30; Range $1,781.10-$1,820.70

Mar palladium $784.75, down $31.80; Range $776.25-$810.00

Feb gold $1,332.30, down $12.20; Range $1,321.90-$1,338.00

Mar silver $26.805, down 51.6 cents; Range $26.540-$27.035

April platinum is still trading in breakout territory above its support despite the prevailing weakness in gold and silver. Platinum has to cross the next resistance hurdle at $1851 to keep the bullish momentum alive. A retest of support at $1785 wouldn’t be surprising either.

Platinum and palladium are trading higher off of dollar weakness and their own demand fundamentals. Gold and silver should drag the noble metals down with them. I’m leaning toward lower platinum prices based on gold weakness but the market is still technically and fundamentally strong.

Platinum is heading for $1950 based on a $177 dollar triangle chart pattern. The breakout point was $1787, making the target $1964.

Apr platinum $1,822.30, up $3.70; Range $1,805.30-$1,832.80

Mar palladium $816.75, up 90 cents; Range $803.00-$824.00

Feb gold $1,341.00, down $5.50; Range $1,337.00-$1,349.70

Mar silver $27.427, down 4.6 cents; Range $27.080-$27.630

Gold and silver closed below their support but April platinum, while also down on the day, closed above its support at $1813 and $1793 to settle at $1818.60, down $19.50.  It could have been worse.  The low of the day was $1800.60 or $37.50 lower.  A technical bounce isn’t a rally.  Platinum held up nicely under pressure from the metals sector but if gold and silver continue to weaken, platinum and palladium will follow suit. 

This is the turning point for gold and silver that I have been expecting since the December high in gold.  The correction is at hand. 

Apr platinum $1,818.60, down $19.50; Range $1,800.60-$1,842.40

Mar palladium $815.85, down $3.90; Range $795.00-$818.85

Feb gold $1,346.50, down $23.70; Range $1,342.40-$1,370.90

Mar silver $27.473, down $1.328; Range $27.375-$28.780

April platinum lunged for a high of the day of  $1851.10 before settling at $1838.10, $13 off of the high.  Platinum should break through the thin resistance at $1850 any day now.  Auto catalyst demand is still as strong as ever and will probably remain so in the intermediate term.  That means higher platinum and palladium prices.

The dollar index broke its support but it didn’t seem to help gold very much.  February gold is holding its support though.  I’ve been concerned about gold and silver weakness spilling over into platinum.  So far I’ve been proven wrong.  It’s been a sideways, choppy trade for gold and silver and a huge $141 range for the month of January in platinum, from $1710 to $1851 and climbing.

If January platinum breaks through the $1850 resistance the next stop would be $1950. 

Apr platinum $1,838.10, up $9.80; Range $1,824.10-$1,851.10

Mar palladium $819.75, up $9.30; Range $811.65-$829.85

Feb gold $1,370.20, up $2.00; Range $1,365.50-$1,378.90

Mar silver $28.801, down 11.1 cents; Range $28.725-$29.490

Platinum put in its highest close since August of 2008. That looks bullish as all hell, yes indeed. Palladium is very strong also. But with gold not able to rally out of its droopy consolidation, I’m a bit wary of platinum flying higher still without the flagship precious metal, gold, right behind it.

The big question is which is going to break harder and faster, the dollar index or gold? The dollar has been hanging on to its support by a thread while gold is trading slightly beneath its support. The whole world, including me, is expecting a deeper correction in the gold market. It hasn’t taken platinum with it so far. The tape doesn’t lie. Platinum taken in isolation is ready for a power rally through $1850 and beyond.

Apr platinum $1,828.30, up $12.30; Range $1,803.20-$1,832.30

Mar palladium $810.45, up $19.95; Range $782.50-$813.10

Feb gold $1,368.20, up $7.70; Range $1,356.80-$1,376.00

Mar silver $28.912, up 59.2 cents; Range $28.050-$29.080

The dollar index plunged, gold and silver stayed the same, while platinum and palladium soared.  Platinum was the laggard of the precious metals and is now making its long anticipated catch up move.  April platinum settled $20.10 higher at $1821.20, taking out the November 9 high after a $93 three-day range.  All this is very bullish, of course.

Can platinum trend upward while gold is trending down?  It isn’t happening yet but historically, yes, it could.  It’s an anomaly, though.  It can’t be counted on.  Platinum is usually the leader or the laggard.  Right now it is leading.     

Apr platinum $1,821.20, up $20.10; Range $1,794.50-$1,833.00

Mar palladium $813.45, up $6.70; Range $805.00-$825.10

Feb gold $1,387.00, up $1.20; Range $1,377.20-$1,392.90

Mar silver $29.263, down 28.2 cents; Range $28.900-$29.810

It seems platinum has decoupled from gold and is now trading as an industrial metal following the S&P skyward.  April platinum settled $30.80 higher at $1801.10, taking out the January 3 high and putting in a $70 two-day range.  Gold and silver are still in the consolidation doldrums while palladium and platinum are gunning for new highs.  Optimism about automobile-catalyst demand coupled with strong demand from exchange-traded funds has continued to tighten the markets for the platinum group metals.

The next resistance levels for April platinum are $1813 then $1850.  I’m still cautious because gold is trailing the platinum group metals so heavily but the chart picture is extremely bullish.

Apr platinum $1,801.10, up $30.80; Range $1,764.60-$1,809.90

Mar palladium $806.75, up $23; Range $781.30-$813.90

Feb gold $1,385.80, up $1.50; Range $1,376.30-$1,389.00

Mar silver $29.545, up 0.46 cents; Range $29.395-$29.845

April platinum closed at $1770.30 today, the highest close since January 3.  With the dollar firm and bonds weak I remain a little skeptical of this latest platinum rally.  Support is found at $1750 with resistance at the January 3 high of $1792.  The bulls again seem poised to make a lunge for the November high at $1813.  It will take some time though. A confirmed dollar breakout in the coming sessions could stave it off. 

So far so good for the bulls but I expect more choppy consolidation ahead. 

Apr platinum $1,770.30, up $25.20; Range $1,740.00-$1,774.30

Mar palladium $783.75, up $34.10; Range $753.00-$785.00

Feb gold $1,384.30, up $10.20; Range $1,372.40-$1,386.80

Mar silver $29.499, up 63.8 cents; Range $29.060-$29.710

April platinum just barely managed to avoid technical breakdown today settling at $1734.10 after putting in a low of $1710.60. If the April contract closes below $1722 and then $1715 in the next few sessions the run up to the November high of $1813 will be put on hold. For now there will be a choppy, sideways consolidation unless the bulls get back in gear pronto.

Apr platinum $1,734.10, down $13.30; Range $1,710.60-$1,761.50

Mar palladium $775.30, up $6.25; Range $750.20-$779.05

Feb gold $1,373.70, down $5.10; Range $1,364.00-$1,385.20

Mar silver $29.198, down 31.0 cents; Range $28.580-$29.905

After a big correction day across the precious metals sector April platinum settled $39.00 lower at $1747.40, gold $44.10 lower and silver $1.617 lower. Platinum still has plenty of technical support at $1740 to $1730 all the way down to $1640. The technical picture has not been too damaged. The upward bias established since the mid-November lows is still in force. The bears have bought themselves some time, however.

The setback in commodities is being pegged to investor profit taking on last year’s gains. Even the all-important crude oil took a big dip today. We’ll have to see if this is a one-day happening or the start of a general repositioning into other investments that haven’t performed as well.

Apr platinum $1,747.40, down $39; Range $1,743.10-$1,777.50

Mar palladium $769.05, down $31.35; Range $765.10-$795.20

Feb gold $1,378.80, down $44.10; Range $1,375.00-$1,417.80

Mar silver $29.508, down $1.617; Range $29.325-$30.885

April platinum settled within striking distance of its November 2010 high of $1813.  With palladium getting press coverage along with favorable Indian and Chinese auto demand, industrial demand for platinum group metals should remain robust.  If investment demand doesn’t falter the industrial precious metals could see an extended range upward move. 

Apr platinum $1,786.40, up $8.20; Range $1,769.00-$1,792.80

Mar palladium $800.40, down $2.90; Range $795.80-$808.90

Feb gold $1,422.90, up $1.50; Range $1,414.50-$1,424.40

Mar silver $31.125, up 18.8 cents; Range $30.620-$31.275