The German team correctly called last week’s strength. On this basis they are calling for a near term bit of consolidation before the medium term bull resumes. Key levels remain where they were on the prior week.
Platinum has surged 10% from the start of 2013 and achieving 11 month highs. And for the first in the 20 months or so, since the commodity bear market note, Platinum has become more expensive than gold again. Platinum and gold display a very high correlation which bodes well for gold and particularly silver that benefits from the same sort of industrial demand characteristics as does copper and platinum.
Looking ahead key technical resistances lies at hand for both copper and platinum so the near term call of consolidation from the German team seems the probable event. It also comes as equity indexes are also close to major resistances. And this also occurs as various fx instruments have their own resistances and supports close to price. EG USDJPY, EURUSD, AUDUSD, etc.
Without more delay here the report:
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