After dithering below the bottom of the right-angled triangle for a fortnight, bearish momentum grew and platinum met our first measured target. Last week's sharp sell-off also suggests the very long-term bear market (since 2008's record high of US$2,290) has resumed, with platinum leading gold and silver. All three are priced in US dollars and the surge in the greenback will depress commodity prices generally. The moving averages of the Ichimoku cloud system are still pointing lower, with the next target at US$1,055 (100 per cent the height of the triangle). For prices to get there sooner rather than later, they must hold below the bottom of the triangle.
