Platinum is bouncing off its 3-year uptrend

NYMEX:PL1!   Platinum Futures
We expect Platinum to erode the downtrend that started in May 2023 at the level of 931 and move upwards. Our confidence in this projection stems from two factors. Firstly, the market is rebounding off a robust 3-year uptrend, indicating a strong underlying support. Secondly, there's a notable divergence in the daily RSI, which indicates a loss in downward momentum at this critical juncture.
In the bigger picture, long-term trendlines tend to hold more significance than shorter-term ones. In this specific case, the well-established uptrend is likely to prevail and push Platinum beyond its more immediate downtrend. One to start paying attention to!

#platinum #commodities #preciousmetals


The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.

The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.