Platinum, Palladium Lead Precious Metal Gains

Platinum, Palladium Lead Precious Metal Gains

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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