Plat finding supportThe price of platinum has since January 2023 nose-dived by roughly 16% which has seen the metal fall below its 200-day MA price of $947.60 to touch lows around $910 in Feb. The metal is however finding some support on the green 61.8% Fibo retracement level of $922.85 and the longer-term blue 23.6% Fibo.
Technical indicators are supporting a move higher for the metal with a re-test of the 200-day MA looking likely over the near-term. A break above the 200-day MA price will allow the metal to claw its way higher towards the 50-day MA price currently at $1012.03 in my view. The heavily oversold daily RSI and the rolling over of the MACD indicator supports this price action, but for now we need $922.85 to hold its ground.
(I’m not too familiar with the fundamentals regarding precious metal prices, some references or pointers would be greatly appreciated. I mainly watch the price of plat to support my USDZAR views)
PLAT
PLATINUM - Long PositionTechnical point of view, if price breaks above 1104, our target would be 1190 and 1533. Current formation pattern failure swing ( reversal pattern ).
Platinum speculation. Try to notice dependence.Right now plat's doing big round in month chart, as you can see there are many signals to open L's.
1) Alligator
2) CHOPP
3) Woodies CCI
Breakout repeats itself from time to time, look at Choppiness index and Woodies, can you see it?
There are many strong supports and additionally right now half of crypto ppl are scared of keeping money in their market - we got May and BTC has not reached another ATH for a long time.
They are switching to a different, more stable market - this market.
Lets see what happens with Platinum Commercials were in very heavy short positions. Now we are back to the zone before they got long before. Will this price interest them? Lets see if we can beat them this COT Friday..
IMO.... This is just a small bounce in a longer downtrend. Though this time last year we were very close to 1000. So I am torn.In the meantime- I will surly play the counter trade opportunities.
- SKYLOBSTER
Platinum 2 Week ForecastWish I had published this sooner, as I absolutely nailed today’s massive price action.
I’m entering a partial position to hedge against the possibility that we don’t revisit the 790’s and low 800’s. If we do though I will buy a lot more.
Without a pullback its a 6% profit, with the pullback its 9%. Decent little trade.