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Platinum and Palladium are ready to go up
Precious metals are gaining on Monday in the second day of growth after last week’s heavy sell-off. Platinum is recovering the most, jumping 2.9%. Palladium is gaining about 2%, also noting the recovery of buyers’ appetite after the recent drawdown. Exactly one week ago, Platinum reached a local peak at $1095, a two-year high. The subsequent 7% pullback was a classic 61.8% Fibonacci retracement of the initial rally from $897 in late April. According to this pattern, overcoming the last peak would allow us to consider the $1210-1220 area as the next potential target. We also note that the price did not fall below ... (full story)