Platinum has been in a correction since 2008. Since then it has established a clear lower support of this massive sideways move. Even though the current market phase is a correction, it yielded some opportunities to make profits. Right now price is appraoching the balance zone, but the lower support hasn't been hit in that internal downtrend that was going on...
All precious metals started a bull market a couple of months ago and they're consolidating. The difference with palladium which makes him more interesting than the others (silver, gold and platinum) is that he's the only one that hasn't made the golden cross: 50 over 200MA. I made a rough linear approximation and this should come somewhere in the middle of may....
Platinum along with other precious metals started a bull market around february. After two attempts to climb above 1000, we are now at the third of these tops and heading towards correction. I still believe the primary trend is upwards and support will be met with 50MA around 960. Note that last three new moons (blue spots) market peaked and reached bottom around...
Buy this divergence on platinum. Two sets of divergence between market prices and the RSI index. Market is still slightly in oversold region so good to buy now.
Think Platinum has shown its lows but only time will tell. Broke long term down trend with big move to the upside. If Platinum has indeed carved out its low, its only a matter of proper positioning for the bull market. Expansion of money supply as well as lower interest rates across the board should equate to much higher metals prices. We will see!
Chart describes better than words. :) Short's possibility is much more than longs but have to watch prices carefully.
Bearish Cypher pattern on its way to forming on Platinum priced in US dollars. Upper black line shows good previous structure , which I use as a stop loss. Lower black line shows good historic support (zoom out to see more), which the larger green box indicates as a third target. The other two profit targets are based on Fibonacci retracements.
Taken quite a few steps back to see where this metal has come from in the hopes of seeing where we likely to be heading in the future. While in free fall we are sat on potential new TL currently. Break that and we look like we're heading to 1.50. Support around 1.40
I already took a profit on my last position. I am adding to my position here. Dear old China should take us to our target.
Waiting 884 to break to enter long on platinum for long term