Crude Oil at new 2019 highs; Base breakout for Platinum?

After a period of sideways trading, Crude Oil finally brushed aside the range resistance at $57.50. Prices are at four-month highs. Given that crude also crossed above its long-term trend indicator, the next upside target is clear – $60 (see Featured Chart).

But a rally back to the $75 highs is likely to be difficult. There are multiple resistance levels above current levels, e.g. $60, $65 and $70. So unless we see a major demand push, such as better economic data flow, more OPEC collective action, etc, expect choppier action above $60.

For Gold, its recent rally has taken a knock. Prices advanced to near $1,310 but surrender this advance today (see below). Clearly, there are overhead supply at the prior congestion zone at $1,320 – $1,318. We will see if $1,300 has turned into technical support.

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Interestingly, after a period of subdue action Platinum appears to be gearing up for a base breakout. Prices recently bounced to as high as $880 but corrected back into $800 (see below). The pattern of higher lows suggests accumulation. Tentative longs may be opened to bet on a further recovery rally. Add if subsequent price action is positive.

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