Platinum - Consolidation / Price At Support Level
XPTUSD sitting at support level from recent consolidation. Also, back-testing descending trend-line from previous breakout.
Resistance is up near $1960, offering a decent RR setup, depending on where on places their stop.
One final consideration.... We're heading into seasonal strength. While there are many fundamental details to consider, I like the odds posted below and I don't mind being a few days early. ;)
Platinum Futures Continuous Contract Seasonality
Analysis has revealed that with a buy date of October 4 and a sell date of May 23, investors have benefited from a total return of 761.53% over the last 10 years. This scenario has shown positive results in 10 of those periods.
www.equityclock.com/...s-pl-seasonal-chart/
Lonf from $930
Resistance is up near $1960, offering a decent RR setup, depending on where on places their stop.
One final consideration.... We're heading into seasonal strength. While there are many fundamental details to consider, I like the odds posted below and I don't mind being a few days early. ;)
Platinum Futures Continuous Contract Seasonality
Analysis has revealed that with a buy date of October 4 and a sell date of May 23, investors have benefited from a total return of 761.53% over the last 10 years. This scenario has shown positive results in 10 of those periods.
www.equityclock.com/...s-pl-seasonal-chart/
Lonf from $930
Platinum Weekly (The Big Picture)
A break above the blue dashed line, would expose much higher price targets.
Take a quick look at what Palladium did last year (two different things; but kind of the same. Thinly traded / volatile / very limited supply --> Not ruling out a large move higher.....