October Platinum futures, green shoots off Friday price action?

29 thg 7, 2023

Platinum futures alongside other metals have clearly been bearish and the Platinum Metals Group [PMG] consisting primarily of Palladium and Platinum have been selling off in recent sessions and Platinum recently dipped below 900 to 984.2 making back-to-back bottoms at 894.2 once off the extended session and once again off the following RTH session now exactly 5 Fridays' prior. We then appeared to quickly reject that price point below 900 and have attempted to push back above 1000 clocking a high of 1003.7 on Tue July 18th. This appeared then to be a failed breakout above and we have promptly dropped back to 935 in yesterday's session which appears to tout some green shoots and suggesting a second attempt back over 1K price handle. Will we hold 930's and sail higher? This upcoming week will tell and I remain bullish into the week ahead seeking a target back up above 1K.