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