Chart of the day: Platinum plays

Spot platinum has consolidated inside a rectangle since meeting the first measured target from the large right-angled triangle. Prices broke down this week, leading other precious metals, and are on the way to the second target based on the triangle's height. Moving averages and the Ichimoku cloud point to further losses, as has been the case since September. A measured target can also be calculated from the height of the rectangle, giving a third target at the psychological US$1,000 per ounce. Such levels have not been since the financial crisis of 2008-09. We might even drop as far as US$732.50, the low of October 2008.

Nicole Elliott is a technical analyst