Platinum Futures (PL1!), H1 Potential for bearish drop
Type : Bearish Momentum
Resistance : 974.4
Pivot: 952.7
Support : 924.4
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 952.7 in line with the overlap resistance to the 1st support at 924.4 in line with the swing low support and 127.2% fibonacci extension.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 974.4 in line with the swing high resistance and 78.6% fibonacci projection .
Fundamentals: The inflation hedge benefitted from the highest inflation seen in the US in 40 years. The rate of increase in the fed funds rate would be key to further gains in the precious metal. Hence, we have a mixed to weak bullish view on platinum.
Resistance : 974.4
Pivot: 952.7
Support : 924.4
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 952.7 in line with the overlap resistance to the 1st support at 924.4 in line with the swing low support and 127.2% fibonacci extension.
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 974.4 in line with the swing high resistance and 78.6% fibonacci projection .
Fundamentals: The inflation hedge benefitted from the highest inflation seen in the US in 40 years. The rate of increase in the fed funds rate would be key to further gains in the precious metal. Hence, we have a mixed to weak bullish view on platinum.