A few interesting points about XPTUSD and why it might be time to look at long positions:
1. 7-Year cycle in XPTUSD is bottoming out right now. 2. We are seeing a backtest of the initial breakout similar to what happened in 2000-2001 3. XPTUSD production is going to see major cutbacks moving forward from South Africa 4. Above ground stocks are winding down which has put extreme pressure on prices for the last 4 years 5. Should the DYX fail to breakout decisively over 102 before the end of 2016, then the ZARUSD could strengthen.
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As there was a fairly massive rejection and price reversal at $950 today, we should keep in mind that the possibility of the bear market in platinum could continue. Should $900 level give way on a weekly closing basis, then lower prices are still possible. In addition, if the January lows of $810 are not able to hold up, then significantly lower targets would become apparent ($450-600 range).
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Platinum closed out December over 900/oz. and also over the support platform as drawn in the trade idea. I would still like to see prices get back over 1000/oz. in Jan/Feb timeframe but so far prices are back over 950/oz. which is a positive start to the new year.
Quite nice bounce today. Seems 900$ is strong demand zone.
kaotic363
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@JA.piotr.bor, As long as it hold $900, the potential to move higher in Q1 is certainly there. I would like to see a strong seasonal January move with prices getting back above $1000. That would be a good indication that some bigger gains could lie ahead for 2017.
mmmp12
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@kaotic363, Yeah I would like to buy near term, maybe FOMC will beat the price to 900s region again to load some for a few weeks.
mmmp12
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@JA.piotr.bor, it beat it. Even under. Looks a little nasty this drop.
I would buy in, but with such a drop it's looking bad.
kaotic363
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@JA.piotr.bor, So far strong bounce back over $900. It appears that for the time being there is a floor for platinum at $900.
In 2017, three government mints (South Africa, UK and Austria) are releasing platinum bullion coins for the first time which is interesting.
mmmp12
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@kaotic363, yeah but before it looked bad. Nice ending price if somebody bought 890-900 it was nice catch. I must see if it''s longer term or short term bounce because there was some news that can have short term occur influence in this bounce. Still 900$ was ppenetrated, and maybe it was just stop killer, but we cant be sure. Next week should tell us direction.
mmmp12
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@kaotic363, Maybe it's only this week but I see on 1H triangle and 950$ is very strong resistance for now. We must have some buying power and I think it can occur only in new year. Jan or feb, but we only make lower lows and lower highs, it's bad for now.
kaotic363
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@JA.piotr.bor, XPT trading back over $950 (for now). Keeping my eye on $1000 as the next key level to break over.
mmmp12
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@kaotic363, LOL. It's just ridiculous. 2 days +58$... This year gonna be crazy... It doesn't have any start to have such impact,
For me to chaotic, I will pass on it.
mmmp12
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Looks very good. It bottomed at 900$ and looks to go up. I just regret that I choosed gold and was in loss and stop out... Last time I was in platinum I was surviving quite a drawdown before I finally was at BE.