Chart Idea - PL Swing Long SetupEntry: 990
SL: 950
TP: 1185
RR: 5:1
Not a Financial Advice!!!
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Platinumfutures
Time to BUY PLATINUM (XPTUSD)?....YES!Sept 23 - 27th
Is it time to buy Platinum? YESSIR!
Weekly TF clearly shows the formation of a weekly bullish Fair Value Gap (+FVG).
Daily TF shows price is sitting in a daily +FVG, over lapping the W +FVG.
4H TF shows price is sitting in a 4H +FVG, which is nested in the D +FVG.
Not to mention, price has broken structure to the upside, and has pulled back to all of the above.
Did I mention the trend line that is intersecting the 4H and Daily +FVGs for confluence of support?
Oh yeah... the 4H TF shows the retracement of the most recent trading range has pulled back to the fibonacci Golden Ratio of .618.
So yeah, I'm thinking the market is BULLISH, and poised to push higher from the +FVGs.
May profits be upon you.
Enjoy!
May profits be upon you.
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PLatinum shaping up for a ton of upside to $1,132 tech and fundsBox Formation and W Formation is showing on the Daily chart of PLatinum.
We do need the price to close above the neckline of both patterns to really confirm upside to come.
So far the MAs are also confirming a bullish inclination along with the rising uptrend.
Price >20 and crossing 200MA
Bullish bias
Target $1,132
Let's drill into the fundamentals for the rising PLatinum price
One of the significant reasons for the price increase is the deepening supply deficit that was observed in 2023, which is expected to continue into 2024.
The World Platinum Investment Council (WPIC) had revised its expectations for the platinum deficit in 2023 to nearly twice its initial estimate, highlighting a considerable shortfall in supply against demand (INN).
This deficit is largely due to decreased supply, with production challenges in major platinum-producing countries like South Africa, where mines have faced electricity issues leading to production deficits.
Despite some improvements in production, the overall global output of platinum decreased year-on-year, while demand, particularly from the automotive sector and for investment purposes, has seen a notable increase (INN).
Also, the demand for platinum in the production of green hydrogen, which uses platinum-group metals (PGMs) as catalysts, is also contributing to the increased demand.
The green hydrogen sector, which focuses on producing hydrogen from renewable sources, has seen significant investment, further boosting platinum demand (INN).
The auto sector, a major consumer of platinum due to its use in catalytic converters, has begun to return to pre-pandemic production levels, further straining the available platinum supply (INN).
And investment demand for platinum is expected to rise, with projections indicating an increase in platinum bar and coin demand to a three-year high, as manufacturers in North America and Europe allocate more capacity to platinum due to weaker demand for gold and silver (The future of trading).
All giving great buying signs for the precious metal.
PLATINUM FUTURES, Massive BEARISH TRIANGLE-Formation, BREAKOUT!Hello There!
Welcome to my new analysis about PLATINUM FUTURES on the global timeframe perspective. The precious metals market is moving into a decisive momentum within the recent times as developments within the financial markets point to a continuation of exceptionally high interest rates within vast majorities of economies and a continuation of hawkish interest rate approaches. An market with continued higher interest rates is pointing to an main indication of a more bearish determination for the precious metals market. If there is no change in the hawkish FED policies and a turning point into more dovish policies decreasing interest rates this is likely to setup the continuation of a bearish indication for precious metal derivatives such as PLATINUM FUTURES. This in combination with a strong DXY, U.S. Dollar Currency Index is increasing opportunity costs of holding precious metal derivatives such as PLATINUM FUTURES, especially within the currencies baskets this is likely to decrease long open interst and increase open interest in short positions to hedge against a depreciating fiat currency pointing to a bearish precious metal scenario.
From a technical perspective the signs are definitely worthwhile to consider here as PLATINUM FUTURES form this gigantic descending-channel-formation in which PLATINUM FUTURES already completed several massive bearish waves to the downside increasing bearish pressure and momentum forming several lower lows and pointing to a higher likelihood possibility of a continuation within the descending-channel-formation. Within this channel PLATINUM FUTURES also form the coherent wave-count with the waves A to C being already completed and now within the formation of the wave D PLATINUM FUTURES are forming this gigantic triangle-formation which is likely to complete within the next times. A breakout below the lower boundary of the triangle-formation will setup the origin of a continuation into the bearish direction and a substantial extension of the wave E within the whole wave-count increasing the bearish momentum till the final targets have been reached.
Taking all these factors into the consideration here the final breakout can setup faster than expected and then it will be important on how PLATINUM FUTURES setup the actual bearish momentum to develop within the wave-E of the whole wave-count because when the momentum is that strong reaching out to the initial target-zones marked in blue this can lead to a continuation just below these levels and a invalidation of the descending-channel into the lower directions. If this does not happen and PLATINUM FUTURES show up with the ability to stabilize within the final target-zones from there on the potential for a reversal increases and if this reversal setups, once it has emerged PLATINUM FUTURES also have the potential to show up with a final breakout out of the upper boundary of the descending-channel-formation. Especially with continued hawkish interest rate policy, in combination with the open interest in short-positions increasing exponentially, and the strong DXY putting bearish pressure on commodities as well as precious metals this is pointing to the final bearish acceleration and breakout developments to emerge realizing this whole bearish scenario.
In this manner, thank you everybody for watching the analysis, support from your side is greatly appreciated.
VP
Platinum: How low will you go? 🤔Platinum is on its way downwards to develop wave Y in light green and still has got room to expand. Indeed, there is a 30% chance that the price could even drop into the green zone between $758 and $659, establishing the low of wave Alt.Y in light green instead. Primarily, though, we expect platinum to turn upwards before reaching the green zone.
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 891.7
Pivot: 870.5
Support : 850.3
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 870.5 where the pullback resistance is. Once there is upside confirmation that price has broken the pivot , we would expect bullish momentum to carry prices to 1st resistance at 891.7 where the swing high resistance, 100% fibonacci projection and 161.8% fibonacci extension.
Alternative scenario: Alternatively, price could drop to the 1st support at 850.3 where the pullback support, 61.8% fibonacci retracement and 78.6% fibonacci projection.
Fundamentals: Due to the increased strength of DXY, we have a bearish view on precious metals like platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
PLATINUM FUTURES (PL1!), H4 Potential for Bullish RiseType : Bullish Rise
Resistance : 871.0
Pivot: 832.1
Support : 806.9
Preferred Case: On the H4, with RSI moving along an ascending trendline and price breaking out of a descending channel, we have a bullish bias that price will rise from the pivot at 832.1 where the pullback support and 61.8% fibonacci retracement are to the 1st resistance at 871.0 in line with swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 806.9 in line with the swing low support and 78.6% fibonacci projection.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
PLATINUM FUTURES (PL1!), H4 Potential for Bearish DropType : Bearish Momentum
Resistance : 892.1
Pivot: 855.8
Support : 806.6
Preferred Case: On the H4, with price moving along a descending trendline and expected to reverse off the ichimoku cloud and the stochastic resistance, we have a bearish bias that price will drop from the pivot at 855.8 where the overlap resistance is to 1st support at 806.6 in line with swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 892.1 where the swing high resistance, 61.8% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
PLATINUM FUTURES (PL1!), H1 Potential for Bullish RiseType : Bullish Rise
Resistance : 891.0
Pivot: 850.8
Support : 832.0
Preferred Case: On the H1, with prices moving above the ichimoku cloud and has broken the descending trendline, we have a bullish bias that price will rise from the pivot at 850.8 in line with the pullback support and 50% fibonacci retracement to the 1st resistance at 891.0 where the pullback resistance, 127.2% fibonacci extension and 61.8% fibonacci retracement are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 832.0 in line with the swing low support and 78.6% fibonacci projection.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
PLATINUM FUTURES (PL1!), H1 Potential for Bullish RiseType : Bullish Momentum
Resistance : 954.5
Pivot: 921.1
Support : 890.0
Preferred Case: On the H1, price is moving above the ichimoku cloud and is moving along ascending trendline which supports our bullish bias that price will rise from the pivot at 921.1 where the overlap support and 50% fibonacci retracement are to the intermediate resistance at 944.3 where the -61.8% fibonacci expansion, 78.6% fibonacci retracement and pullback resistance. Once we have upside confirmation that price has broken past intermediate resistance, we would expect bullish momentum to carry price to 1st resistance at 954.5 in line with swing high resistance.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 890.0 in line with the swing low support and -61.8% fibonacci expansion .
Fundamentals: As the DXY strengthen, we have a weak bullish view towards platinum.
PLATINUM FUTURES (PL1!), H1 Potential for Bearish DropType : Bearish Drop
Resistance : 924.7
Pivot: 901.4
Support : 874.9
Preferred Case: On the H1, price is moving below the ichimoku cloud which gives us a bearish bias that prices will drop to the pivot at 901.4 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 874.9 where the 61.8% fibonacci projection, 78.6% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 924.7 in line with the pullback resistance and 38.2% fibonacci retracement.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
PLATINUM FUTURES (PL1!), H1 Potential for Bullish RiseType : Bullish Rise
Resistance : 951.1
Pivot: 938.1
Support : 927.5
Preferred Case: On the H4, with price moving above the ichimoku cloud and along the ascending trendline, we have a bullish bias that price will rise from our pivot at 938.1 in line with the pullback support to the 1st resistance at 951.1 in line with the 61.8% fibonacci projection, 61.8% fibonacci retracement and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 927.5 where the swing low support, 78.6% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
PLATINUM FUTURES (PL1!), H1 Potential for Bullish RiseType : Bullish Rise
Resistance : 974.7
Pivot: 941.5
Support : 919.7
Preferred Case: On the H4, with price moving above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 941.5 in line with the overlap support and 23.6% fibonacci retracement to 1st resistance at 974.7 in line with the 78.6% fibonacci projection and swing high resistance.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 919.7 where the swing low support, 78.6% fibonacci retracement and 100% fibonacci projection are.
Fundamentals: As investors are seeking to hedge against inflation, we have a weak bullish view on platinum.
Platinum Futures (PL1!), H1 Potential for bearish dropType : 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.
