Platinum May Go Lower

October 13, 2016 02:29 PM

The S&P 500 futures found a decent support/target area in the mid 2120's and have reversed higher this morning, but nothing significant. We believe the S&P 500 may try to test the 200 day moving average area near 2095. Bond futures have sold off a lot recently but may be finding some short-term buying below 163'31. Technically the market profile target is lower. Platinum futures have also been in a one-way slide lower with other precious metals.  Platinum is at $943 per ounce now, and we believe it could head to the mid $930's and if it really keeps going could go to the next major Gann level area at $880.

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