Platinum Does it Again: Heads Down for the 2nd Straight Day

The Daily View for Platinum

  • Currently, XPTUSD’s price is down $-1.98 (-0.2%) from the day prior.
  • The daily chart shows that Platinum has seen 2 straight down days.
  • Regarding the trend, note that the strongest trend exists on the 100 day 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 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily 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.

Below is a daily price chart of Platinum.

XPTUSD

Featured Platinum Idea From TradingView

Below is a trading comment entitled Bullion Basing? you may find interesting:

Bullion Basing?While the rest of the commodity markets have been grabbing the headlines lately, you would have been forgiven for forgetting about the precious metals markets, however these now need to go back on your radar as we suspect that they are in the throes of basing. While we need more evidence to confirm, we would at least suggest that these deserve more attention.More specifically Platinum, Palladium and Silver. Palladium and Platinum have recently stabilised at their respective 200-week moving averages and platinum a couple of weeks ago even charted a key week reversal. A key week reversal is a trend reversal pattern – in fact these tend to work well so I would upgrade that statement to these are one of the more important reversal patterns to watch out for. In a downtrend, the price hits a new low but then closes ABOVE the previous week’s highs.The reason why I watch specifically the 55 week and 200 week moving averages and in fact watch the 55 and 200 daily and monthly period ones as well, is that as a 35 year veteran I have noticed that markets tend to mean revert to their long term moving averages parti…

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