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