PLATINUM, Moving In Solid Trend, Potential To Continue Further!

VincePrince Updated   
TVC:PLATINUM   CFDs on Platinum (US$ / OZ)
Hello, Traders Investors And Community, welcome to this analysis about the current structure and price-action we have in platinum, there are some interesting and significant signs which I determined and which will affect the price-action further. Platinum is still moving in a steady uptrend since we had the bear-trap and bottom building at 560 we saw some good volatility and percentual price-jumps. Let's have a look at the locally 4-hour timeframe and see how we can continue with platinum.

When looking at my chart you can see that platinum currently trades at the important resistance at 855 which you can see marked in my chart with the grey level, this is a resistance-level which platinum has to build in the past price-swings and is actually a strong resistance which shouldn't be ignored therefore we can expect minimum a pull-back to lower levels here and providing excellent correction for new entry-points.

In considering the pull-back we can expect the meaningful support-level between 780 and 800 to hold not only do we have there a strong past resistance level which is now support but also it is supported by the 100 DEMA and 200 DEMA which building together with the support a logical and coherent confluence-cluster here which will highly likely be respected as such and provide a decent bounce when touched in that level.

Overall we can say that platinum is in still in a strong uptrend level here which did not already confirm to the downside or shows any serious reversal signs which will shift the overall price-structure to the downside, the correction awaited is completely natural and will highly likely show that the price continues to the upside and reach the target which you can see in my chart. Remember that we need to confirm the support with a clear break of the current resistance level this will initiate the strengthening of further growth.

Thanks for watching everybody, support for more market insight, and have a good day! ;)
Science is organized knowledge. Wisdom is organized life.
In this manner: FAREWELL

Information provided is only educational and should not be used to take action in the markets.

ANALYSIS UPDATE: PLATINUM bounced several times within the bullish confluence-cluster.

PLATINUM after forming the breakout reached all of the target zones.


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.