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Platinum Begins Big Breakout Rally


17 hours ago (Feb 10, 2021 9:29 PM GMT)

Platinum

If you were not paying attention, Platinum began to rally much higher over the past 3+ days – initiating a new breakout rally and pushing well above the $1250 level. What you may not have noticed with this breakout move is that commodities are hot – and inflation is starting to heat up. What does that mean for investors/traders?

DAILY PLATINUM CHART SHOWS CLEAR BREAKOUT TREND

First, Platinum is used in various forms for industrial and manufacturing, as well as jewelry and numismatic functions (minting/collecting). This move in Platinum is more likely related to the increasing inflationary pressures we’ve seen in the Commodity sector coupled with the increasing demand from the surging global economy (nearing a post-COVID-19 recovery). The most important aspect of this move is the upward pricing pressure that will translate into Gold, Silver, and Palladium.


We’ve long suggested that Platinum would likely lead a rally in precious metals and that a breakout move in platinum could prompt a broader uptrend in other precious metals. Now, the combination of this type of rally in Platinum combined with the Commodity rally and the inflationary pressures suggests the global markets could be in for a wild ride over the next 12 to 24+ months.

This Daily Platinum chart highlights the recent upside breakout rally that has prompted a rally from $1050 to $1250+. If this rally continues to target the 100% Fibonacci price extension, near $1300, then it will become very clear that Platinum is rallying away from other precious metals. If this coincides with a continued general Commodity price rally, then we may start to see an inflationary cycle setting up that really change things – very quickly.
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https://www.fxempire.com/forecasts/article/platinum-begins-big-breakout-rally-699633

Catch the rest of the morning metals roundup and Finland PT.PD,PGE Trendlines here

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