Gold & Platinum: Two different ways

The two precious commodities Gold and Platinum are headed into different directions.
While I was bearish on Gold form Dec (Post here) and the commodity did came to target of 100 DMA (Post here), the Platinum has broke out and is at new highs after breaking of old top made in Nov.

Attached are the charts.

There is a fundamental reason behind this divergence. Since Platinum is mostly used in cars and recently there has been increase of demand of cars in China its import of metal has increased much more and this has lead to breakout in prices.

Gold chart; Picture is worth thousand words

g

For more words see the post here

Commodities update 6 Jan

Gold got sold off 2-3% and there were news everywhere.
Well I did the analysis of Gold some time back here in early Dec  where the candles were pointing to range bound move ahead.

The comdty got sold off exactly from the resistance of 1430 levels and is now at lows of last 3 weeks.
The candles still are bearish pointing to reversal with selloff coming at highs above 1415 levels.

What to expect now: The charts are certainly range bound with resistance at 1435 levels. The bullish trend though is still intact with trendline support intact.
The comdty can see some cooling off to the 1350 levels where volume action can be judged for further upside.

Commodities reversal pattern

Several commodities exhibited trend reversal candle y'day.
Prominent are the Gold and Crude ones. They both made a new high but then closed lower.
This shows heavy profit booking at higher levels.

Attaching chart of Gold which reversed from 1420 above levels.
The weekly charts indicate more range trading possible here.

In the chart is shown similar formation from June 10 period where similar patteren emerged and after that the prices remained within a range for quite some time.