Platinum Rally Capped as Speculators Overheat Prices

[kreslik.news]

This guest article was written by James Hyerczyk, financial analyst at FX Empire.

A change in the fundamental outlook and a potentially bearish weekly chart pattern are two strong indications that the speculative rally by October NYMEX Platinum and September NYMEX Palladium may be over for now.

After surging to a 15-month high at $1199.50 on August 10, platinum futures plunged $28 an ounce on August 11, a decline of 2.4%. Palladium futures lost 4.8%, falling below $700 an ounce after reaching its highest level the day before at $747.50 on August 10.

Both moves were strong enough to take platinum ... (read more)