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Is Any Metal Worth Trading Right Now?

Traders have hammered away at just about anything metal in 2013, but the charts finally show a couple bullish opportunities

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Simply put, where gold and silver have been disintegrating, platinum has merely been deteriorating. It’s also perhaps due for a near-term bounce, though not likely positioned for anything higher than $1,475 per ounce before the sellers dig in again.

What’s interesting about the platinum chart is how well the range between the 61.8% and 38.2% Fibonacci retracement lines (established by the peak and bottom of 2008’s wild swing) managed to hold up since late 2011. As of early June, though, we saw our first lower high, and a couple of weeks later we finally saw a tick or two under that floor at $1,349.

Now that the damage has been done, it’s likely the budding downtrend will really start to get traction.

Article printed from InvestorPlace Media, http://investorplace.com/2013/07/is-any-metal-worth-trading-right-now/.

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