Platinum price can reach 1000 level sooner according to my analysis.
All we need to get profit is to buy with good money management and hold it.
30% of platinum is used for Jewelry.
43% of platinum is used for automotive.
And other 27% is used for several purpose.
South African miners are the biggest source of platinum.
70% - South Africa
Platinum is moving to 18-months low
Take a look on daily chart there you can see, that 6 days ago price break down key level $878.77 and D1 close under it. It shows that big players have enough power to move it down.
I think the price will continue to move down to key buy zone $813.59. On a weekly chart, we see that it is 18 Months low. Under that level, many...
Although platinum is considered a safe haven, it also thrives in a productive economy.
This gives it a great chance to do well during 2017, as people will turn to precious metals during times of uncertainty (which there will be a lot of in 2017), and with Trump wanting to spend like crazy on industrials (emissions control amongst other uses), this could propel...
Here we can see the current A-B boundary from the Daily TF is Bearish...we can see the C pull-back has been a nice 50%.
I favour and work most technical off the 2H TF and the A-B boundary here is also Bearish...we can see the C pull-back has been a nice 38.2%.
Now here is the ugly bit (LOL) as we can see price is currently stuck in consolidation and the pennant...
Price action is heading right into the Apex of large pennant consolidation...
The arrows show how price was rejected with sellers entering the market close to the Blue 20EMA (Daily) Bearish candlestick formations.
1. Divergence between price and stochastic as seen on chart
2. Expecting price to rise to the 1.618 Fib extension @ 1358
3. 100EMA will probably come down to meet the 161.8 Fib extension
4. Entry discussed on the H4 time frame (basically on a break of 100EMA on H4)
5. Stop Loss in case of entry is below the lows
I have always studied and monitored price action against Fibo levels and providing the markets trend and do not reverse the myth of Fibonacci works for me...
Here is a daily chart showing the recently completed ABCD pattern...A - B boundary completed and a C shallow pullback correction formed. This offered an extension target at the 1.618% (1.24978)...notice how...
I draw the following FIB extension levels via the FIB retracement tool:
1.27% extension use -0.27
1.414% extension use -0.414
1.618% extension use -0.618
No need to use the FIB extension tool, which saves a whole lot of time
The EURO is currently sat on several major support levels;
A - B swing C pullback halted today at FIB support 88.6% which concurs with previous structure lows and whole number 1.2700.
Looking for buy signals on smaller TFs to pick off bullish corrective price action