The Hourly View for Platinum
- At the time of this writing, XPTUSD’s price is up $1.18 (0.11%) from the hour prior.
- It’s been a feast for bulls operating on an hourly timeframe, as Platinum has now gone up 5 of the past 5 hours.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
- Price action traders may also wish to note that we see a pin bar candlestick pattern on Platinum. Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration.
- The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
Platinum’s hourly price chart is shown below.
The Daily View for Platinum
- At the time of this writing, XPTUSD’s price is down $-64.03 (-5.71%) from the day prior.
- Platinum has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
- As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
- Most noteworthy in the world of moving averages on the daily chart is that the 200 day moving average has been crossed, with price now being below it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Below is a daily price chart of Platinum.