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
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