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