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