XPT USD SELL (PLATINUM - US DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Watch strong price action at the current price for sell.
XPTUSD
Platinum Pre-Breakout SetupPlatinum broke above descending trend-line. Price is coiling. Possible breakout in the near future (Comex Session). Bias to the upside. Seems to have found support around $930 (tested three times) after price sold off $60 last week. Still up almost 10% on the month, outperforming both silver and gold.
Link showing commodity price comparison.
prntscr.com
I mentioned the initial breakout in a previous idea.
Platinum Long playXPT still has lot of resistance to clear. First thing to clear is the 200ema. We broke out of the short term triangle, We are at lows from 2009 which act as support. RSI is showing some bullish hl and hh. An option is to long on the retest of the short term triangle. This trade would be a half year-year hold.
Platinum Looking to Join Gold / Silver RallyPlatinum looks like bulls have finally stepped in.
It has been consolidating within a $150 range for over a year.
The blue dashed line in a trend-line connected from the all time low in 2008.
The Gold /Silver ratio recently started to reverse. This could indicate that gold is being perceived as "expensive" compared to related metals. I have no reason to think why platinum would be excluded from this class.
There are a couple more resistance areas (marked on the chart), but we could see a decent run in once price breaks above these levels.
I have a couple ratio charts that I will post along with my interpretation of what they are telling us.
I will post the weekly chart in the comments just to show the potential upside if price returns to historical levels.
Platinum / Palladium Ratio Breakout from Falling WedgeWeekly chart Platinum / Palladium ratio.
Clear sign of a breakout / retest from the falling wedge after testing all time lows from 2001.
Supports continuation of platinum bullish breakout.
Will post long term chart in the comments to show potential upside.
Price of platinum broke above two key resistance points today.
Extremely undervalued from a historical standpoint.
XPT USD SELL (PLATINUM - US DOLLAR)Hi there. Price is forming a continuation pattern to the downside. Wait for the price to hit the top of the pattern and watch strong price action for sell.
PLATINUM - US DOLLAR SELLHi there. Price is moving impulsively to the downside. Wait for the price to complete the continuation pattern that its forming and watch strong price action for sell.
PLATINUM SELL (PLATINUM - US DOLLAR)Hi there. Price is moving impulsively to the downside. Wait for the price to complete the continuation pattern that its forming and watch strong price action for sell.
XPTUSD, Buy on H4.XPTUSD, Buy on H4.
- Structure: Sideways
- Above support
- Candle: Strong bullish
=> BUY
Platinum Looks BADYou might be wondering where that channel came from. Well I looked at 40 years of historical platinum prices and that's the channel that is formed. So not only is XPT sitting on the support it has established for 15 years making a bear flag, it it is breaking it's supply/demand channel that it took 40 years to establish.
Breaking this long term support and even longer term channel would be incredibly bearish for Platinum, especially as gold gears up for what looks like an epic run.
Below 750 is the abyss.
Fundamental Speculation: I don't do fundamentals usually but this might make sense. Catalytic converts are a major use for platinum and electrification basically kills this use case, even with us being far from full adoption
XPTUSD: Medium term buy opportunity.Platinum has been trading within a bullish Megaphone pattern on 1W that is has now completed its bearish leg and is consolidating on the Higher Low zone (RSI = 45.796). We are expecting this consolidating to form the 1D Support for the next bullish leg towards the next Higher High. This is calculated to be around +18/19% from the current levels based on a +8% sequence on Higher Highs. The RSI patterns are also similar. We are going long on the medium term with TP = 937.00.
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Platinum continuation after consolidation?Not financial advice. I’m not a financial advisor. I’m learning to trade. Learn to trade!
Looking like confirmation of a breakdown from bear pennant. Target @ the 755 region
Possibility of a pullback to pattern apex with moving averages above as resistance
XPTUSD, Platinum H4: SellXPTUSD, Platinum H4: Sell
H4:
- Tendency: Downward
- Below resistance
- Candle: Bearish outside bar
=> Sell
XPTUSD, Platinum H4: SellXPTUSD, Platinum H4: Sell
H4:
- Tendency: Downward
- Below resistance
- Candle: Bearish outside bar
=> Sell
