Welcome to this analysis of XPT/USD.
Platinum has been in an uptrend since the capitulation low on the 19th of March.
Price rallied from 565$ to 860$ but on 21st of May but it faced some resistance there and went sideways for over a month. Looking at the consolidation it looks like the price has made a falling channel Bull flag that got activated yesterday by a...
Platinum is breaking out of a 5-6 week bull flag after tagging its 50 day moving average and reversing from major structure. Precious metals seem to be breaking out in general, but I particularly like the pattern in platinum. I am long all three (gold, silver and platinum).
. There is a possibility of temporary retracement to suggested support line (797.31). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. Platinum/USDollar is in a range bound and the beginning of uptrend is expected.
. The ascending flag taking shape suggests we will soon see...
Pattern: 1D MA200 rejection.
Signal: Bearish as the rejection took place on the RSI support level.
Target: When the RSI hits 33.73.
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Price seems to be obeying previous trendlines (red dotted line & pink line).
As price meets vwap once more, it looks like a good area for shorting.
Wait for an entry reason, what ever you choose on a lower time frame.
Seems S&P and Dow stole the precious metals energy this week… Just a quick update to see Gold falter here with a possible break of the inner lows trend line from the previous low. Silver and Platinum are in a slightly different position whilst sharing similar structure and the inner highs trend line dictating some resistance. End of week may condense through to an...
PM’s will look to follow gold's move on a break of its inner lower trend line discussed in the previous post (see link below) This will see Silver & Platinum potentially retest the inner lows trend line or dribble to the APEX. A break to the upside on Gold will see XAG and XPT see resistance at their respective inner high trend lines