Platinum shorts are covering, rally to $1,100 up next?
Matt Simpson February 4, 2022 12:46 AM
Large speculators have drastically reduced their short positions against platinum futures, and price action has built a base above the 200-day eMA.
Platinum has risen just over 20% from its December low which means it is now within a technical bull trend. Prices may have been choppy of late, but it is building a base above its 200-day eMA and is back above 1,000. With bears closing out their positions we need fresh longs to return to help this break above a key level.
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