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

February gold is now trading well below its three-month support level. This will inevitably affect platinum and palladium prices. Today April platinum settled at $1803.50, up $6.60 but it won’t last. Even though platinum has plenty of technical support before hitting its Maginot line at $1640, the established downtrend in gold should prove too heavy a counterweight.

Wait for a good buy day at lower prices.

Apr platinum $1,803.50, up $6.60; Range $1,781.40-$1,819.40

Mar palladium $813.50, up $8.90; Range $802.05-$819.00

Feb gold $1,318.40, down $14.60; Range $1,315.70-1,347.50

Mar silver $27.031, down 97 cents; Range $26.775-27.795

The weakness in gold and silver finally caught up with the platinum market today.  April platinum settled $32.30 lower at $1787.30, just on the verge of negating the $177 triangle chart pattern formed in the last two months.  Investment fund demand has softened for precious metals in favor of other things. 

While April platinum is still in breakout territory it is hard to imagine that gold and silver won’t drag it down further still.  I would say the party is over for the bulls.  In fact it was over when February gold broke below $1350.  While the technical damage in platinum is still salvageable, the gold chart points to lower prices ahead.  That means platinum and palladium too.

Apr platinum $1,787.30, down $32.30; Range $1,781.10-$1,820.70

Mar palladium $784.75, down $31.80; Range $776.25-$810.00

Feb gold $1,332.30, down $12.20; Range $1,321.90-$1,338.00

Mar silver $26.805, down 51.6 cents; Range $26.540-$27.035

April platinum is still trading in breakout territory above its support despite the prevailing weakness in gold and silver. Platinum has to cross the next resistance hurdle at $1851 to keep the bullish momentum alive. A retest of support at $1785 wouldn’t be surprising either.

Platinum and palladium are trading higher off of dollar weakness and their own demand fundamentals. Gold and silver should drag the noble metals down with them. I’m leaning toward lower platinum prices based on gold weakness but the market is still technically and fundamentally strong.

Platinum is heading for $1950 based on a $177 dollar triangle chart pattern. The breakout point was $1787, making the target $1964.

Apr platinum $1,822.30, up $3.70; Range $1,805.30-$1,832.80

Mar palladium $816.75, up 90 cents; Range $803.00-$824.00

Feb gold $1,341.00, down $5.50; Range $1,337.00-$1,349.70

Mar silver $27.427, down 4.6 cents; Range $27.080-$27.630

Gold and silver closed below their support but April platinum, while also down on the day, closed above its support at $1813 and $1793 to settle at $1818.60, down $19.50.  It could have been worse.  The low of the day was $1800.60 or $37.50 lower.  A technical bounce isn’t a rally.  Platinum held up nicely under pressure from the metals sector but if gold and silver continue to weaken, platinum and palladium will follow suit. 

This is the turning point for gold and silver that I have been expecting since the December high in gold.  The correction is at hand. 

Apr platinum $1,818.60, down $19.50; Range $1,800.60-$1,842.40

Mar palladium $815.85, down $3.90; Range $795.00-$818.85

Feb gold $1,346.50, down $23.70; Range $1,342.40-$1,370.90

Mar silver $27.473, down $1.328; Range $27.375-$28.780

April platinum lunged for a high of the day of  $1851.10 before settling at $1838.10, $13 off of the high.  Platinum should break through the thin resistance at $1850 any day now.  Auto catalyst demand is still as strong as ever and will probably remain so in the intermediate term.  That means higher platinum and palladium prices.

The dollar index broke its support but it didn’t seem to help gold very much.  February gold is holding its support though.  I’ve been concerned about gold and silver weakness spilling over into platinum.  So far I’ve been proven wrong.  It’s been a sideways, choppy trade for gold and silver and a huge $141 range for the month of January in platinum, from $1710 to $1851 and climbing.

If January platinum breaks through the $1850 resistance the next stop would be $1950. 

Apr platinum $1,838.10, up $9.80; Range $1,824.10-$1,851.10

Mar palladium $819.75, up $9.30; Range $811.65-$829.85

Feb gold $1,370.20, up $2.00; Range $1,365.50-$1,378.90

Mar silver $28.801, down 11.1 cents; Range $28.725-$29.490

Platinum put in its highest close since August of 2008. That looks bullish as all hell, yes indeed. Palladium is very strong also. But with gold not able to rally out of its droopy consolidation, I’m a bit wary of platinum flying higher still without the flagship precious metal, gold, right behind it.

The big question is which is going to break harder and faster, the dollar index or gold? The dollar has been hanging on to its support by a thread while gold is trading slightly beneath its support. The whole world, including me, is expecting a deeper correction in the gold market. It hasn’t taken platinum with it so far. The tape doesn’t lie. Platinum taken in isolation is ready for a power rally through $1850 and beyond.

Apr platinum $1,828.30, up $12.30; Range $1,803.20-$1,832.30

Mar palladium $810.45, up $19.95; Range $782.50-$813.10

Feb gold $1,368.20, up $7.70; Range $1,356.80-$1,376.00

Mar silver $28.912, up 59.2 cents; Range $28.050-$29.080