Trade Alert
Platinum is now close to its long-term downwards moving trendline. This is where it is becoming interesting for the bulls, because if we get a break and a close above that trendline, more bulls could start joining in potentially driving the commodity towards slightly higher resistance levels. The first good potential area to watch could be around the 845.55 zone, marked near the highs of the 25th of July. Further acceleration in the price could lead to a test of the 860.00, or even the 878.00 barriers.
On the downside, if the trendline holds, Platinum could retrace a bit back down, to test the 809.55 hurdle. If the bears remain in control, we could see a decline to the short-term upside support line, taken from the low of the 16th of August.
Always have your SL in place.
Platinum is now close to its long-term downwards moving trendline. This is where it is becoming interesting for the bulls, because if we get a break and a close above that trendline, more bulls could start joining in potentially driving the commodity towards slightly higher resistance levels. The first good potential area to watch could be around the 845.55 zone, marked near the highs of the 25th of July. Further acceleration in the price could lead to a test of the 860.00, or even the 878.00 barriers.
On the downside, if the trendline holds, Platinum could retrace a bit back down, to test the 809.55 hurdle. If the bears remain in control, we could see a decline to the short-term upside support line, taken from the low of the 16th of August.
Always have your SL in place.