The Hourly View for Platinum
- At the time of this writing, XPTUSD’s price is up $0.81 (0.07%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move down.
- Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Platinum. Given that we see an uptrend on the 10 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 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.
Platinum’s hourly price chart is shown below.
The Daily View for Platinum
- At the moment, XPTUSD’s price is up $32.75 (2.84%) from the day prior.
- It’s been a feast for bears operating on the daily timeframe, as Platinum has now gone down 8 of the past 10 days.
- As for the trend on the daily timeframe, we see the clearest trend on the 20 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 20 and 50 day moving averages, resulting in them so that price is now turning above them. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
Below is a daily price chart of Platinum.