On the Weekly time frame it is clear to see a clean down trend, continuously created Lower Highs (LH), currently the trend line has held itself strong as price got rejected from breaking. Switching to the Daily frame, there had been a perfect daily bar closer from the trend line and fallen, also with the 50% fib retracement aligning perfectly with the trend line....
-price reached this week important resistance and long term down trend line
-RSI is near heavy over bought and started already to change direction
-expect correction movement to at least 871 $
-50 day moving and 100 day moving average crossed 200 day moving average which is bullish indicator
I expect breakout above long term down trend line after testing 871 $...
Been watching this metal for a while. Man I love a dog sometimes. It has been beat down with no attention. Everyone loves Palladium, well I have news for you, there is a cheaper option and its now Platinum. We need to break 900 to see the massive move I have been waiting for.
The price is inside a channel, it need to pull back till the bottom of the channel to prepare for another impulse move upward, or break down the channel.
By the looks of it the Platinum Jag is holding at 899. It is increasing at the rate given by the support parabola it crossed this morning. 10:30 . My experience suggest that we are at 900 . This Rally was the steepest I have seen for a precious metal. That is a cautionary statement. Both previous rallies have withered; In particular the Feb 14 through Feb 28...
Day Chart
The real resistance is in yellow.
The green parabola is the area of growth. Blue Parabolas are the expansion trend.
Platinum is nearly escaped from the Red Convex Parabolas. Its either doing nothing. trading between blue and Yalow or up between Blue and Black.
Platinum as an investment has a much shorter history in the financial sector than does either gold or silver, which were known to ancient civilizations. Experts posit that platinum is about 15-20 times scarcer than gold, on the basis of annual mine production. Because of this fact, platinum has nearly always tended to sell at a significant price premium to gold. More than 75% of global platinum is mined in South Africa.
The price of platinum changes along with its supply and demand; during periods of sustained economic stability and growth, the price of platinum tends to be as much as twice the price of gold; whereas, during periods of economic uncertainty, the price of platinum tends to decrease because of reduced demand, falling below the price of gold, partly due to increased gold prices.
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