Platinum Price Having Trouble Pushing Above 200-Day Moving Average
Frankfurt (Mar 3) Platinum is continuing to hold not far below its 200-day moving average, points out Commerzbank. Rallies have stalled right around this average several times since nearly piercing it on Feb. 11. “Despite net-long positions having been expanded to 18,300 contracts – their highest level since mid-November – speculative financial investors have not succeeded in pushing the price up (through the 200-day average),” Commerzbank says. “Evidently the physical platinum market is amply supplied. This is reflected for one thing in ETF (exchange-traded-fund) outflows, which makes supply available to the market.
Holdings in the platinum ETFs tracked by Bloomberg have been reduced by just shy of 79,000 ounces since the beginning of the year.” As of 7:44 a.m. EST, spot platinum was up $7.60 to $940.90 an ounce; the 200-day average stood around $951.50.