There are several factors that are causing platinum to be much cheaper than gold at the moment. Chief among them is the expected decline in demand for the metal, due to the decline in diesel car sales in Europe, mainly because a significant part of metal consumption is related to catalytic converters used in diesel cars. The depreciation of the dollar is another factor that negatively affects the price of platinum, as well as other precious metals.
Since the beginning of 2021, the metal has been steadily decreasing its stock price and at the moment we are observing indications of its upcoming appreciation.
I have noted three main zones on the daily and weekly charts that will influence the movement of the new bullish trend.
Since the beginning of 2021, the metal has been steadily decreasing its stock price and at the moment we are observing indications of its upcoming appreciation.
I have noted three main zones on the daily and weekly charts that will influence the movement of the new bullish trend.
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Some of the big players went long, when the price dropped below $900. Or, to be precise, they closed their short positions and opened new long ones. My personal opinion is, that starting from April 7th, at a price of $875, a New Uptrend /on Weekly frame has started. We will receive some confirmation of this, when the monthly green diagonal line breaks in the area around 990-1010 first, and after that 1055 $ spot.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.