Platinum - Sell Opportunity- Price is at a strong weekly resistance
- RSI represents an overbought condition on the daily
- Wait for price action to go short
Trading with the trend.
XPTUSD
Platinum - Double/triple top Good weekend everyone,
Quick look at platinum OANDA:XPTUSD ;
WEEKLY:
As we can see on weekly chart (right on top) platinum is on a downtrend since 2016 and show no bullish signals so far, again rejected the descending trendline.
DAILY:
On our daily chart (bottom) we see that ~875 usd level has been a strong resistance level, tested 4times now and was a previous support before (green up arrow).
What do we have now? A double/triple top for platinum and a bearish RSI divergence.
4H
We see the decreasing volume on the last up-wave and now we are slowly approaching oversold zone and rejected 50 ema as a support , therefore we might see some pullback on the next hours (after market open of course =] )
Strategy:
Sell outright with S.L above 880 usd level aiming 820 zone and further 785 usd level or keep an eye on shorter timeframes after a likely pullback to happen and then short when the best opportunity presents itself.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
PLATINUM Buy Signal (Ascending Triangle)Pattern: Ascending Triangle on 1D.
Signal: Bullish as the price made a Higher Low.
Target: 874.00 (the 1D Resistance Zone).
Seasonal Bearishness for Platinum Begins..Number of factors set to influence Platinum for the month of March:
- Double Top Resistance at $880
- RSI tag of +70 on the daily chart, momentum exhaustion
- Seasonal Bearishness starts end-Feb/early-March and completes until end-March/early-April
- Expiration of NYMEX April Futures Contracts, expected producer selling up until first notice day
- Continued excess supply concerns, secular low-prices, backlash on diesel emissions.
Short from $860, Take profit $770
DXY XAU - Relationship - SeasonalityI was using these charts to explain to a friend where the price of gold could be heading depending on USD course of action. Maybe someone will appreciate them. :)
I'm considering 1282.XX, today's low to be the bottom unless DXY breaks above the long term descending trendline. Started buying in around this price.
XPTUSD I bought at $836 along the same theory.
XAGUSD I'm holding out a little longer to $14.90 - $15.00 range.
Platinum: Strong 1W Resistance. Sell opportunity.XPTUSD is approaching the strong 1W Resistance Zone (873.80 - 878.10). In the past 15 months this level has provided a pivot point 4 times. When tested as a Resistance it rejects the price downwards. In addition to that 1D has heavily entered into overbought territory (RSI = 77.235, STOCH = 80.786, STOCHRSI = 100.00, Williams = -3.226, Ultimate Oscillator = 76.165) issuing a sell signal. We are taking this short TP = 831.60.
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Platinum / Palladium Price Ratio - Long PlatinumThese charts deserve a closer look. :)
Platinum / Palladium ratio just touched an all time low. You can see the explosive move up, following the last time the price ratio of these two metals touched this level.
Considering the platinum chart on its own... Price recently found support from a ten year old support level... $750. Since then price has mostly consolidated with a couple failed breakouts dropping price back to support. However, although it doesn't look like much on the long term weekly chart, platinum is up $65 from the February low and has broken above $830, previous resistance.
There's a couple interesting things looking at the Palladium chart also. Price is at a measured move above the midpoint from the lows, which also looks to be significant support / resistance. I'm not jumping all in calling a top in Palladium, but $1500 does sort of portray a psychological milestone in and of itself. And although the fundamental argument could be made that price still has a long way to run, I'm sure people were saying the same thing about Platinum in May 2008 before it dropped from $2200 down to $750 in the course of six months.
And often technicals are all that's needed to trigger a sharp reversal in price... Looking at the selloff in crude October 2018....
All things said Platinum looks like a good buy and hold Risk / Reward ratio, supported by the strength across the other precious metals. I'm going to wait and see how Palladium reacts to the $1500 level...
XPTUSD (Platinum): Short opportunity on the 1D Resistance.Platinum has entered the 831 - 840 1D Resistance Zone (RSI = 63.418, MACD = 4.360, Highs/Lows = 20.0393) and following the impressive rise since last week 1D stochastics have turned overbought (STOCHRSI = 99.355, Williams = -7.945). This is a good opportunity to sell. Risk seekers may target the 775 - 785 Support Zone but we will settle for the median. TP = 808.00.
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XPTUSD: Approaching the Buy Zone.Platinum is close to completing the current bearish leg started this month with 4H touching oversold levels (RSI = 25.857, STOCH = 28.684, STOCHRSI = 26.493). On 1D terms (RSI = 37.592, MACD = -0.910, Highs/Lows = 15.9250, BBP = -19.6820) the price is approaching the 775.55 - 785.20 medium term Buy Zone, presenting an optimal long opportunity. The target can be any value within or close to the 823.75 - 832.50 Sell Zone.
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XPTUSD - LONGBigger picture could be set for a breakout back to larger multi-year range. This short-term trade could work out well with a decent R/R
Uptrend is continue on 30 MinsPlatinum rises as US Dollar is weak. It'll test the up-trend line soon, pay attention to the RSI indicator reflecting its weaker motivation.
The target is 832.00.
Turning point: 820.00.
Above 820.00, bullish , target price is 826.20, then 832.00.
Under 820.00, bearish , target price is set at 816.00, then 808.40.
Prior Strategy:
XPT USD BUY (PLATINUM – US DOLLAR)Hi there. Price is forming a continuation pattern to the upside. Wait for the price to hit the bottom of the pattern and watch strong price action for buy.
Platinum: Symmetrical pattern recognition for a lower buy.Platinum is on its way to complete a Head and Shoulders pattern on positive gradient, a pattern that was previously identified from late September - November. The similarities are strong and leads us to expect that a similar candle sequence will be followed. This suggest that the price should rebound close to 786.85 and seek a upper neckline of the RS between the 0.500 and 0.618 Fibonacci levels at 811.60. We will use this as the TP.
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Platinum ready to break higher?Platinum hit a 15 year low in August 2018. Since then price has been consolidating. Platinum historically has been more expensive than gold. Price has possibly broken above the bearish trendline and looks ready to break out.
Seasonality supports the break higher. charts.equityclock.com
On the downside, there seems to be strong support around $780.
XPTUSD stands at 40% increase... Platinum builds a rising wave structure. You are currently in an accumulative phase. You can spike it down, but we don't assume a permanent downward decline. The exchange rate may move in a double rising wave structure, and this wave structure will double, and the exchange rate will accelerate. The goal of the exchange rate is 1100 usd. Forward rise predicted.
PLATINUM FUTURES JANUARY 2019 (PLF2019) (PL)Platinum futures are moving in a clear downtrend as suggested by the weekly chart. On the 4-hour chart, prices seem to be moving in a downtrend and forming a falling wedge pattern. We can speculate a brief break to the upside, followed by a continued downward movement. However, my bias is short as most markets are hit hard by the power of the bear.
palladium vs PlatinumTechnically speaking, platinum can be due for an uptrend. But could take months for it to show sign of uptrend.
The last great shortage fear-induced panic buying spree in palladium occurred in 2000-2001. (It was only last month when palladium finally took out its 2001 high.) Palladium's great bull market began quietly in 1997 at about $125/oz. Over the next four years, a cumulative 800% gain occurred.
By contrast, from 1997-2000, platinum went nowhere. It began trading at a discount to palladium in 2000.
By the time palladium prices peaked in 2001, platinum was sporting a $400 discount to its sister metal - the same as today.
What is next for platinum could be similar to what was next for it back then. By 2002, platinum prices caught up with palladium's. Platinum proceeded to embark on an epic bull market - from under $500/oz to over $2,200 when prices peaked in 2008.
