Last week I told you that I think that gold is near a bottom now. So far that $1,675 level is holding. After a $50 bounce this week, today we are seeing some back and fill action and it’s certainly possible to see a re-test of that swing low or even that $1,650 level. Today’s action is discouraging to the gold bulls. Rising yields this morning are my explanation for weakness in gold. Higher yields pressure everything right now, This huge rotation will run its course and gold will stabilize soon. We are very near, if not at the bottom.

Platinum on the other hand has a more positive tilt to the daily chart and has seen some positive ETF inflows this week. I remain a “long term” bull on metals in general as I’m one who does believe that we are in the early stages of a super-cycle in commodities. However, I think platinum will likely be the best bull market in metals this year.

Look for gold to consolidate in a range that pivots are $1,700, while platinum should easily resume its uptrend.