Platinum Pushes Higher From Oversold Territory

Platinum has been very volatile since the lows from back in Mid-July. We saw a great run to the upside off some oversold levels near 806, and the market tapped out right at the 200-day MA and turned to the downside with some dollar strength. The market since has re-tested and briefly broke below the 806 lows, again in very oversold territory, and has made another run to the upside. There was some news about a tight supply which gave us strength, and the bulls will look to break above the 21-day moving average and then re-take the .328 retracement level at 889 for sustained higher price action.