PLATINUM The 1D MA50 is the key. Potential long-term bull.Platinum (XPTUSD) has been trading within a (very) long-term Triangle pattern since the September 24 2020 Low. That was the low that initiated a massive rally to the February 16 2021 High that started the long-term Lower Highs trend-line, which lastly rejected the price November 11 2022.
The 1D MA50 (blue trend-line) is the key here. As long as it holds, there are good chances that Platinum will push for another Lower Highs test and potentially a break-out, targeting the 0.618 Fibonacci level.
If the 1D MA50 breaks, we will pursue the Symmetrical Support Zone as our short-term target and the September 24 2020 low (830.00) as our long-term.
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XPTUSD trade ideas
XPT/USD - PLATINUM: Super-Cycle Bull Market Underway?Markets move in cycles, expansion are followed by contractions/consolidations and so forth.
These cycles are fractal, meaning they repeat themselves across multiple timeframes.
Commodities are well known to be cyclical and unlike stocks, do not necessarily go up in the long run.
What we see in platinum is no different. Since peaking at $2115,84 in January 2008, the precious metal has endured a twelve (12) year bear market.
Many commodity specialists believe the March 2020 low in commodities was a significant bottom for the next decade or so.
The Elliott Wave Principle support this view.
The 2008 crash, wave A, was a swift impulse followed by a sharp recovery into 2011 for wave B.
Wave C was a more gradual decline which unfolded in a clear five (5) wave sequence and bottomed at $582,20 in March 2020 with the global covid-19 market sell-off.
If this wave count is correct, the recovery to $1344,41 is either wave (I) or (A) which calls for further upside at least for wave (C).
A break below $582,20 will invalidate the supercycle bull market view.
A strong platinum price will be a major boost for JSE listed platinum miners $JSEIMP $JSENPH &JSERBP
XPTUSD Possible short term bearish moveIn the monthly the price is testing a Supply zone. We could expect a move to the downside.
In the weekly the price is over extended. Also, the price is testing a supply zone which means that a possible move to the down side is coming
In the Daily the situation is the same. The price is over extended and rejecting a supply zone.
All the Higher time frame are in confluence for a bearish move.
Taf's Gun to the HeadTrade Idea : Buy Platinum at market
Reasoning : Broke out of a bullish flag formation and looking for continuation of that bullish momentum to target previous swing high.
Entry:924.50
TP:944.83
SL:916.01
RR:2.39
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PLATINUM...Could we see this play out, i believe so.. why.
With Clean Green agenda our govts are pushing to curb/slow Global warming, Hydrogen powered vehicles has been talked about a lot and is a possible player in the near future along side EV.
Platinum basically is currently used in hydrogen fuel cells to efficiently catalyze the reactions, however Iron could be used instead as it is a much much cheaper application than Platinum. I don't know all the specs of it, but know enough to watch this space for a bullish move.
This could also be the answer to the Energy crisis most will face. Not an immediate fix now, but sure is a very promising outlook in the very near future.
Seems outlandish, just from a pattern perspectiveFundamentals of Pt vs Pd history would project that industrial users switch to the lower priced commodity since they offer relatively the same physical properties (i.e., Pd $2100 v. Pt $900). Now add the long-term Elliot Wave chart pattern and the electrification narrative and there certainly can be said that there is a confluence of indicators. I know the wave analysis results in a crazy high Pt spot, but we have seen crazier scenarios play out.
Correction Due!Sell Limit!
Looking to play the resistance from that blue resistance zone. Price already tested it but looking for a spikes into that zone again and rejection. Targeting the 900 level. Its a correction so position sizing will be small.
Entry: 927.71
SL : 939.66
TP : 900.40
RR : 2.29
Not investment advice