There is possibility for the beginning of an up trend in XPTUSDTrading suggestion:
. There is a possibility of temporary retracement to suggested support line (797.31). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. Platinum/USDollar is in a range bound and the beginning of uptrend is expected.
. The ascending flag taking shape suggests we will soon see another leg higher.
. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
. Relative strength index ( RSI ) is 50.
Take Profits:
TP1= @ 837.90
TP2= @ 863.15
TP3= @ 894.75
TP4= @ 957.25
TP5= @ 1029.55
TP6= @ 1089.20
TP7= @ 1194.50
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XPTUSD
US Markets Go Up, Gold & PM’s Loose Strength, Mixed Up WorldSeems S&P and Dow stole the precious metals energy this week… Just a quick update to see Gold falter here with a possible break of the inner lows trend line from the previous low. Silver and Platinum are in a slightly different position whilst sharing similar structure and the inner highs trend line dictating some resistance. End of week may condense through to an Apex situation or a test of there respective inner lows trend line.
Without further analysis for a more in-depth overview . Gold fails here, at this level to fall, XAG and XPT will tag a long for a look over the edge.
XAU:
XAG:
XPT:
Precious Metals To Follow Golds FlowPM’s will look to follow gold's move on a break of its inner lower trend line discussed in the previous post (see link below) This will see Silver & Platinum potentially retest the inner lows trend line or dribble to the APEX. A break to the upside on Gold will see XAG and XPT see resistance at their respective inner high trend lines
Gold:
Silver:
Platinum:
Platinum To Break Above Consolidation This WeekPlatinum Overview
Good ol’ XPT closed the week higher. If P action at Mondays open can push P action above this consolidation platinum could have a good week in the green. A hold above this and a follow of the likes of Gold and Silver could see price reach $880 within the next 2 weeks.
If American markets fall, will look to see the precious metals take a slight dip also, however will not fall with as much volatility.
Area of Interest
Focusing more on the internals and TA on the charts Platinum must hold the trend line from the lows, break through the inner high trend line freeing itself from the grasps of the last 2 weeks consolidation area. 820 will see some considerable resistance that bulls will have to fight to get higher.
📈Support & Resistance📉*
Support Levels
1st Support Zone: 755.484
2nd Support Zone: 713.468
3rd Support Zone: 682.747
Resistance Levels:
1st Resistance Zone: 799.035
2nd Resistance Zone: 818.817
3rd Resistance Zone: 863.278
Price Level Consideration
All Time High Half Way Point: 1151.080
Prominent High: 1020.971
Prominent Low: 563.635
🐃 Bulls Verse Bears 🐻
🐃 Bullish above: 918.377
🐻 Bearish below: BEARISH at the moment
Monthly & Weekly Opens
Monthly Open:776.026
Weekly Open: 771.095
Buying opportunity for PlatinumThose of you who catch it at the bottom at 564 price level would have made around 39% profits. Congratulations !!!!
Again, I emphasise, if you are already in other precious metals like Gold and/or silver, you may not want to long this as it would increase your risk exposure.
Now, let's wait for the correction before taking a long position .