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| Platinum Prices Reach New All-Time High Posted: 13 Jan 2011 06:01 AM PST
Momentum is behind the bullish move as the price of platinum climbed to a new record high. Daily stochastics that are free from divergence show more gains could be in store for the commodity. The previous all-time high of $1,809 was broken today as the price of platinum has moved as high as $1,826. With a 4-day rally causing daily momentum to push higher, traders may expect further gains in the commodity. Also supporting more long term gains in the commodity is a lack of divergence on the slow stochastic oscillator. The previous all-time high in early November coincided with rising stochastics that topped out at 79. Today's all-time high has stochastics currently at 92 and rising. This bodes well for potential future gains in the commodity. Supports for the pair begin at the previous all-time high of $1,809, followed by $1,787.50, $1,665 and 1,628 also stand out as long term supports levels. The rising trend line off the August low should also provide support.
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