Platinum falling behind

All metals are down in the one-month interval but platinum is the weakest of the lot, according to Cornelius Luca, Global Chief Technical Analyst at Thomson Reuters.

Platinum is at a 6.5 year low and trading below its declining 21-day exponential moving average. MACD is bearish and fast stochastics are slightly bearish. As such, Luca suggests shorting platinum (PLc1 or XPT=) while it remains below its 21-day exponential moving average.

Initial support is at 1,006 with further support at 966. Initial resistance is at 1,054 with further resistance at 1,083.

See chart.