Precious metals are extending gains in afternoon European trading, led by the platinum group metals. Platinum’s move back above its 200-day moving average at $1,635.57/oz last week is likely to have set the stage for a move to resistance at $1,617.35/oz either this week or next, says Commerzbank technical analyst Axel Rudolph. As long as platinum holds above support at $1,511.70/oz, the bank maintains its bullish stance toward the metal, he adds. Palladium, meanwhile, should rally back toward the $700/oz level if support at $647.50/oz holds on a closing basis, says Mr. Rudolph. Spot platinum is up 1.1% at $1,568.50/oz. Spot palladium is up 1.2% at $675.40/oz.
By Francesca Freeman at Dowjones
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