Yesterday we looked at PPLT, Platinum, which broke out from a small bullish falling wedge last week. I suggested it could be time for PPLT to start outperforming the rest of the PM complex for awhile as it has been a laggard. Today we got a massive gap to the upside on the daily chart.
It doesn’t show up on this weekly chart but the reason for the massive gap today is that the price action finally broke out above the top rail of its 2016 downtrend channel. So now platinum has joined the rest of the PM complex in its new bull market.
Below is the long term monthly chart showing the breakout above the top rail of the 2016 downtrend channel.