with the feds interest rate decision coming up on the 16th i think people will be looking for safer assets to put their money into and platinum is at a very long term support level and at a shorter term support level... i would probably wait to actually take a position at least till the upper resistance trend channel is broken.
Start adding here. Excellent risk reward at the bottom of the channel and near oversold levels.
2.41% loss at previous lows vs potential 8%/27% gains.
-------------------------------------------
For leveraged play on the bounce: Platinum Group Metals LTD
Only stocks carry long term value at all time high levels! Metals at 8-10 years lows do not!!! :-)
The world has become very strange in last 3 years. These spreads will adjust at some point, but we don't know when and how.
Looking at Platinum only, we see it is even more bearish than Gold, however it is reaching interesting levels.
Monthly:
- Long term bearish...
Platinum (PLN15) has potentially formed a bottom and could start moving higher at this stage. Targeting 1234.0 on the median line if buy order triggered.
Chart is very self explanatory, price is looking to retest the 50% Fibonacci resistance area (Confluent with the descending trend line & the Daily 100 moving average). The weekly chart also hints towards a loss in bullish momentum. Looking to short on a retest of resistance upon confirmation of course.
Cheers =)
Platinum has been on a steady decline with slow demand.
Platinum trades at a discount to gold, a condition that occurred last month. The spread between the two precious metals has tightened, but were at the widest in two years. Platinum, although grouped in with gold and silver as a precious metal, is typically lumped into the industrial group with palladium....
The precious metals markets are looking pretty bullish right now, and I think that platinum might have set in a major base at $1150 in February. It's still too early to determine whether or not the down trend in place since last July is over, but technicals are telling me that a long term low might be established if all metals rally in March. The risk/reward ratio...
I was bullish platinum but last week pullback in precious metal has added another possible scenario. See frequencies on the chart. One the sidelines but closely watching next week developmment. Funds started adding long potitions since Dec14.
Recent short term demand and a tentative l/t cyclical support calculated. However there is a lot of supply above and there is an outside possibility Platinum could see $1050 - 1000 zone. Stay light on the long side.
The platinum/silver ratio indicates right now that silver will likely be the best precious metal to buy at the start of 2015 if all metals start rallying like in January 2014. Please see my previous ideas on silver and on the silver/gold ratio to see why this metal in particular has caught my eye lately. If you're bullish on precious metals right now, give...
Completed Bat Pattern + Rsi In Oversold Area + Bullish Rsi Divergence.
I Always set my TAKE PROFIT at the min Profit on these trade ideas. OF COURSE YOU COULD TAKE THEM FURTHER THAN THAT. Many different trade management strategies could be used. Do i stick to the min PROFIT TARGET on my personal trades, mostly not!!!!!!!!!!
I'm short term bearish platinum (PLV2014). Short position below the recent pivot low targeting the median line. Hold max one week. Risk/Reward not the best but acceptable.
Good if you have to buy a ring in few months! Commercial traders are pretty good with platinum and have added significant short positions at this point. We could see the price falling to 1100.0 soon. A the trend-line there sill be indecision.
