Rebound As PredictedI know that the falling yesterday was unsustainable for sure.However, this rebound provided another entry level if you are interested in shorting platinum. $765 was the first level to short, and the second level to short will be at the negative resistance line. If there is any chance platinum could rise to the negative resistance line, I will definitely add more shorts. TP 600! I will inform the stop loss when the price rises(or not) to the resistance
Good Luck
XPTUSD1! trade ideas
Bearish PlatinumAlthough I am a big fan of platinum, I gotta be honest that future dips are approaching this metal. The negative slope has become a steady resistance level, and platinum is once again rejected from the resistance line. I opened new shorts on that level and is patiently waiting for more dips. My TP for Platinum is $605, the lower end of a big range formed a long time ago(you can move the graph to the left side to see the bigger scope) If you are an aggressive investor, you can place your price at $557. Stop Loss at $775, and good luck!
Pole/Flag pattern broken thus created the upsideI think this upside is formed by the pole created earlier, and my target price for the short term is $761. Long term could be $835, though I don't think it's too possible. Bullish in the short term, and waiting on the sidelines for the long term movements.
Platinum (Daily Chart Outlook)
Platinum up against strong dual resistance. What happens here could determine the trend for the medium to long term. A strong close above 23.6 fib level (taken from August highs 2011, and the lows of August 2018) on the weekly time frame, could entice more bulls to board the uptrend which began in August 2018.
If resistance holds here throughout February 2020, a bearish outlook will probably be on the cards for the spring season.