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Precious Metals Higher Overnight
Posted on 09/25/2006 16:38:42 | Link | Post Comment
Precious Metals led by Platinum and Palladium are having a hard time restraining themselves from monving higher. This kind of action is potentially very bullish as it implies strong undertones that are powering sustained uptrends. For the last few years Palladium has been rangebound and for most of 2005 has traded at under $200 per ounce, when suddenly 2 months ago, Palladium broke out from a tight $185 range and has soared to $260. At the same time, Platinum has surged from $930 to almost $990 and is now a relative stone's throw from new all time record highs and to add, the $1,000 level is acting as a strong magnet to prices. There's some resistance to Gold and Silver moving higher here, but if these levels are taken out, it could mean a big surge lies ahead. For now, the $US Dollar strength is probably restraining Gold and Silver some, but the mere fact that Gold and Silver were able to rally with relative ease yesterday and overnight in the face of such a strong US currency, perhaps symbolizes the underlying bullish tone that exits. On top of this, the supply demand situation is positive for all the metals at the moment and for the foreseeable future and as time goes on, this growing imbalance is likely to be manifested by increasingly higher prices.
As we suggested, the stockmarket might pause and consolidate here for a while, but the overall tone remains constructive.
Trade Well
From the Desk of Savant
As we suggested, the stockmarket might pause and consolidate here for a while, but the overall tone remains constructive.
Trade Well
From the Desk of Savant
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Examples
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