Could we see platinum drop towards the beginning of this week?
With the trend of the past few months heavily respecting it's resistance I have a short bias when looking at Platinum.
What do you think? Will the trend break on the 4H before Christmas?
After a strong bearish close last Fri, Bulls mount an assault on Tue but failed with price making an attempt to go lower the next day. Currently we are seeing a possible bear flag. The SZ should be a good zone to go SHORT
Platinum broke trough an ascending trend line, late last week. However the bias remains bullish as long as we stay above 868 on a daily close. New entry level long would be the area of 878-868. This area involves a couple of monthly highs/lows, 618 retracement and slope support.
I just want to get this out there now right before the next big pop.
Metals are going to have a great year in 2020. Third quarter 2019 was the latest accumulation that will send up rocketing higher in 2020.
Platinum might even beat out silver during this next run up as investors look to diversify their investment grade precious metal portfolios.
Platinum posted a strong rebound on the 871.00 October 2nd low and is currently rising on 1D (RSI = 62.934, MACD = 2.660, Highs/Lows = 16.6714) towards a new Higher High. The Higher High is designated by the 1M Megaphone pattern it has been trading within since August 2018. The 1D RSI patterns suggest that a new bullish leg may start without needing to make a...
Platinum should reject of the slope line and close above 900 on the day for a strong conviction, however it looks good enough for me.
Just like Gold, Platinum respons to real yield, which look overbought at the moment touching previous support, "possible" resistance.
Might seem a bit optimistic, but it's clear that Platinum has broken out of its 10 year downward-sideways triangle range...
Fundamentally this is due to a number of factors:
Reason #1: Supply is dropping mainly in Russia and South Africa
~ Impala is cutting over 13,000 jobs '
~ Shafts are reducing from 11 to six
~ Lonmin is cutting over 5,270 jobs