Platinum Down On Dollar Strength

The Platinum market rebounded nicely off the inverse head and shoulders pattern from the lows on July 14th, climbing through resistance and getting stuck right at the 200-day moving average. The market was near overbought levels, and the recent strength in the dollar has pushed Platinum back to old resistance, which will now act as a support pocket. If there is continued strength in the dollar and little bullish economic data, the market could break below this pocket and towards the mid-July lows. If the dollar pulls back and the economy seems to be gaining strength, it could be a catalyst to the upside inviting more buyers.