Platinum
Platinum seems some thing going to happen Platinum Trading around 904 level if on Daily Chart We last Time When price was 930 RSI was around 26.15 level where now price is 904 and RSI is around 33 level some things going to happen.
Strong Support seems around 880. If hold above a jump Expected toward 955-990.
Who Trade Platinum Can enter in this trade in range of 904.894 sl below 880 TP1 950-990
Platinum setting up for new move up on weeklyWeekly Platinum is consolidating setting up for a breakout to the upside. Looking at current support at 886.8xx. If support holds at this area, price should continue up based on rhythm of TRIX and TSI.
Monthly TSI and TRIX are turning up. A breakout of price from current weekly consolidation looks to be to upside.
Daily chart with weekly consolidation overlay and last daily consolidation channel based on ADX
PLATINUM LONG approaching a ResistancePlatinum seems to have revered a skewed Head And Shoulder pattern in December and its upward Trend is now converging towards the first notable resistance.
We are still well within last year's High and Low so more action can be expected.
The key point for me at the moment is waiting to see how the price reacts to the level originally rejected in November.
PLATINUM approaching a ResistancePlatinum seems to have revered a skewed Head And Shoulder pattern in December and its upward Trend is now converging towards the first notable resistance.
We are still well within last year's High and Low so more action can be expected.
The key point for me at the moment is waiting to see how the price reacts to the level originally rejected in November.
Gold Long/Short DecisionAs I called last week perfectly. We are at another decision point. I'm an agnostic trader so I don't care where gold goes in the long run. I trade what I see. If Gold breaks 1190 I will enter long position from 1191 to 1200 with a SL at 1187
If we don't and we break below 1180 - we will retest to 1160.
I will enter short at 1178 with a SL of 1182.
Good Luck
PLATINUM BIG BULLISH POTENTIAL FOR A 300$ RISE!As usual the chart tells the story.
In 2016 we had a 5 wave impulsive move higher from a multiyear low @ 810$. Signalling that this low is important and solid for now.
Since august platin prices have been in a 5 wave downmove the lows of wave 5 touched 890$.
It then took the market 2 months to form a decent bottom around the 900$ handle.
Now in the recent days market made an impulsive move higher towards the 1000$ mark. This impuls is for me a signal to look for longs. I am personally waiting for a good correction of this recent move towards 920$/930$ and i will look at lower timeframes for a good entry spot.
What also speaks in the favor of this idea, are seasonal developments, historically seen, platinum has the best price development from january till the end of april, so this might be the timeframe needed for this idea to play out.
Targets can be defined quite easily there are two major falling trendlines on the weekly and monthly charts. The first one is around 1100$ and the second one around 1250$. My trading style personally says to trail a position as long as it looks good to me and to take off partial profits along the way on important resistance zones.
This idea has a potential Risk:Reward of 1:5 and 1:10. Keep an eye on this potential AB=CD formation that might be playing out along the way.
Please use proper risk management, and dont risk too much of your capital on one single trade.
Best of luck.
Platinum - LongAlthough platinum is considered a safe haven, it also thrives in a productive economy.
This gives it a great chance to do well during 2017, as people will turn to precious metals during times of uncertainty (which there will be a lot of in 2017), and with Trump wanting to spend like crazy on industrials (emissions control amongst other uses), this could propel platinum.
We also received a bullish car sales report today, as an increase in car sales means more catalytic converters will need to be built, which requires platinum.
There is also bearish divergence in the RSI.
Descending Triangle on Platinum @ H4This descending triangle pattern on the 4-hour chart of the spot Platinum CFD offers an opportunity for a short trade in case of a downside breakout. The triangle's borders are marked with the yellow lines. The cyan line is my potential entry level. The green line denotes my take-profit level. I will set the stop-loss level to the high of the breakout bar (not shown on the chart).
New Bull Starting in Platinum?A few interesting points about XPTUSD and why it might be time to look at long positions:
1. 7-Year cycle in XPTUSD is bottoming out right now.
2. We are seeing a backtest of the initial breakout similar to what happened in 2000-2001
3. XPTUSD production is going to see major cutbacks moving forward from South Africa
4. Above ground stocks are winding down which has put extreme pressure on prices for the last 4 years
5. Should the DYX fail to breakout decisively over 102 before the end of 2016, then the ZARUSD could strengthen.