Platinum experienced a marginal rise, potentially due to geopolitical concerns. Looking at the daily chart, the metal's price made an attempt but fell short of surpassing the $894.82 level, which corresponds to the 20-EMA. It also tested the upper trendline of a wedge pattern. Notably, the RSI broke above its previous downtrend, indicating a moderately bullish sentiment, similar to what we observed in July and August 2023.
If the price manages to break out above the wedge's trendline, there's potential for the price to move towards $914 and possibly extend to $926.
On the downside, the initial price momentum may have been influenced by geopolitical tensions. If the upper trendline continues to act as resistance, we could see the price retreat back to the $860 level.
If the price manages to break out above the wedge's trendline, there's potential for the price to move towards $914 and possibly extend to $926.
On the downside, the initial price momentum may have been influenced by geopolitical tensions. If the upper trendline continues to act as resistance, we could see the price retreat back to the $860 level.
Trade closed: target reached