PLATINUM (update every week)three possibilities:
- sideways into range (purple zone)
- ascending channel rising into grand ascending channel
- break drown and the correction extends below $1050
Platinum
USDZAR 2021The USDZAR pair is currently sitting in the consolidative blue triangle. As long as the DXY remains below 92.800 and platinum stays above $1015, I expect the pair to complete an ABC corrective pattern.
A break above the 200-week MA rate of 14.59 could however see the pair move into the range between 15.50 and 16.00.
The fundamentals that drove the rand stronger in 2020 and the first half of 2021 are still present. SA is still holding a healthy trade surplus, the rand still has strong carry trade appeal and commodity prices remain stable. I remain doubtful that the FED will taper their minimum $120 billion in asset purchases this year despite their recent "hawkish" monetary policy stance.
China's credit impulse has recently turned negative which could weigh on commodity price growth in the next two quarters but the news that China cut their reserve requirement ratio by 0.5 percentage points earlier today has me remaining bullish on commodity prices (Chinese credit expansion will support commodity demand).
BYRG Platinum & Rhodium Mining RevivalOTC:BYRG Buyer Group International, Inc.
Rhodium Price 2013: $1,000
Rhodium Price 2021: $29,000
Revival and funding of BYRG has been taking place for the past couple months. Back in 2013 they're claims had a $1.3 BILLION valuation when Rhodium was only $1,000 per ounce. Currently today Rhodium is worth $29,000 per ounce and has become one of the most sought after precious metals. They also have Uranium and Platinum assets in the same location. There is only 1 other company successfully mining and producing Platinum in the USA and that company is Sibanye Stillwater (SBSW) out of Colorado. NYSE:SBSW is currently trading at $16.83.
Updates have been appearing on OTCM which means the CEO is getting the company on the correct direction. I have reached out to the CEO David Bryant many times and he is aware of the current changes going on in the OTC marketplace and he is working on getting BYRG pink current by the deadlines. He is doing everything by the book and taking the appropriate steps to become PINK CURRENT.
Updates:
5/13/2021 - OTCM updated the share structure with a TA verified signature
5/14/2021 - New officers updated:
David A. Bryant - CEO
Nancy Bryant - Secretary
5/16/2021 - BYRG Authorized Shares Reduction: Reduced from "unlimited" to "50 Billion"
(seeing these updates, share structure reductions, shows they are cleaning up for a great future)
6/17/2021 - Company profile changed on OTCM: "Buyer Group International Inc is a development stage company targeting acquisition opportunities in the commodities space with recurring revenue streams to maximize share holder value"
All the steps have been taken to achieve a "verified profile" and to start seeing filings for BYRG.
As you can see from the daily chart, BYRG has been trading at very low volume but still following a strong trend upward. Between volume and the accumulation you can tell this is locked and people know what they are holding. In my opinion I think this will still look cheap when it hits multi pennies. We should see further updates and filing VERY soon.
A Turn in the Platinum Miners? Part 2 - NHMGiven the weakness in the platinum miners and resource stocks in general in the last few weeks, it takes some bravery/optimism/fondness for punishment to start nibbling at long positions.
Some resource stocks, and platinum miners in particular, are tilting bullish. Same as the related idea on JSE:IMP , with JSE:NHM :
- Golden cross & bullish confirmation on 1D MACD
- Start of bullish divergence on weekly MACD
- On Weekly: Crossed 5EMA and heading towards 15EMA
- On Daily: Crossed 5EMA & 15EMA, and 5EMA is threatening 15EMA cross.
What do you think - bottom in? Looks like a reasonable risk reward trade if you keep your stops tight. I'm looking to enter at R226 (i.e. waiting for slightly more directional confirmation before entering) with a stop at R217, target R253 ... 3:1
UC
A Turn in the Platinum Miners? Part 1 - IMP JSE:IMP Given the weakness in the platinum miners and resource stocks in general in the last few weeks, it takes some bravery/optimism/fondness for punishment to start nibbling at long positions.
Some resource stocks, and platinum miners in particular, are tilting bullish. on JSE:IMP :
- Golden cross & bullish confirmation on 1D MACD
- Bullish divergence on weekly MACD
- On Weekly: Crossed 5EMA and heading towards 15EMA
- On Daily: Crossed 5EMA & 15EMA, and 5EMA is threatening 15EMA cross.
What do you think - bottom in? Looks like a reasonable risk reward trade if you keep your stops tight. I'm looking to enter at R246 with a stop at R239, target R271 ... 3.5:1
UC
South Africa (EZA) a good Precious Metals playPrecious metals (PM) have really struggled this week, with the following weekly movement in USD:
Gold TVC:GOLD -5.65%
Silver TVC:SILVER -7.17%
Platinum TVC:PLATINUM -7.2%
Palladium TVC:PALLADIUM -8.23%
All these PM’s seems to be heavily oversold over the shorter-term, which could see a bit of a recovery over the next week or two. Why is this important? Currently 24% of EZA consists of PM’s, which was the main reason for the recent pullback in the ETF. EZA finds itself at a strong support level and very close to EXTREME OVERSOLD levels according to its 14-day RSI. Should $48.50 not hold up, my stop loss would be at the 200-day Moving Average (EMA). This currently is $46.86. Should we see a bounce off the current levels, could see EZA test the 50-day EMA at 51.29 resistance, with a break and close above these levels, most probably bringing back new 12-month highs. I am somewhat worried about the negative recent momentum and will monitor closely
PLATINUM XPTUSDIf #platinum drops to $1114 level which is 0 FIB. RET. then it will be an extreme oversold. Considering industrial shortages and inflationary environment this metal should rebound very fast. Current sell off does not make any sense. Just recently #platinum was outperforming both #gold and #silver
XPTUSD – bearish continuation …07 June, 2021While Gold had been rising, Platinum has been on a decline recently. It did make a multi-year high on 16 Feb but fell back right away. Recently it has been consolidating within a channel and on Thu last week , it broke out impulsively below it. Friday’s price action was choppy (check out H4 chart) and I see it like a pullback to the channel bottom. I anticipate a bearish continuation in this metal with targets located at $1128 and possibly $1000 area.
As always, watching the price action on a lower time frame before committing to a trade is advisable.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Platinum cant hold support levelsSeveral support levels has failed in Platinum, now testing a declining triangle. Commodity futures should be up because of the pressured fed rates and shortages in supply. However hit in the car manufacturing industry is pressuring platinum levels as well. Platinum prices were above gold and palladium before pandemic and is expected to catch up at some point. However we need to see a definitive price turnaround for that.
Platinum Futures at a Crucial Threshold The price of Platinum is currently trading near a major make-it-or-break-it point, whose further development entails excellent trading opportunities.
On the one hand, the breakdown of the price below the lower boundary of the Flag and the 100-day MA (in blue) signifies a potential correction to the 38.2% Fibonacci retracement.
On the other, the Stochastic RSI suggests that the market is oversold. Given that the price is also consolidating above the 23.6% Fibonacci at present, bulls can use this as an indication that the market may have already bottomed out. Hence, they can look for an opportunity to enter long right away
PLGUnless this bull flag top TL does not continue to support the PA I will venture to say PLG is leaving a very long boring bear market.
PLATINUM bounces over the support 🦐After the attempt to break the recent highs Platinum started a descending movement inside a counter channel.
The price, which is moving inside a major ascending channel, reached the support area over the lower trendline.
According to Plancton's strategy if the conditions will be satisfied we will set a nice long order.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Platinum could fall to 1000After the short-lived spike above 1300, Platinum fell to 1100. A rise began from this point and a new attempt to conquers 1300
However, the rise is corrective and we can expect a new leg down soon.
From a technical perspective, Platinum is trading at 1200 at this moment and is under the trend line support of this channel.
Bears hold the upper hand now and rallies above 1200 should be sold.
1k important support could be the medium-term target and a daily close above 1300 would negate this scenario
PLG PLATINUM GROU METALPLG is still looking good. Waiting for spot platinum price to advance. Coiling in a triangle. Ichimoku CLoud needs lagging span confirmation
Sibanye Stillwater Sibanye Stillwater has had massive gains over the past year, it is now cooling off a bit, IMO.
It needs to hold R64 otherwise it will open itself up to testing the next support line at the R55 area.
It needs to break and close above R73 to ensure it doesn't print a lower high.
However, It looks to be forming a bull flag - Which is indicating that this cool off period will precede the next bull run up.
My price target is R55 if it doesn't hold R64 - at this point I will back up the truck and load a massive LONG position.
Disclaimer:
I own Sibanye Stillwater shares.
PLATINUM moving higher 🦐PLATINUM on the 4h chart is moving between an ascending trendline and a daily resistance.
The market approached the daily structure and recently break above.
According to Plancton's strategy if the conditions will be satisfied we will set a nice long order.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
