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

The Hourly View for Platinum

  • At the time of this writing, XPTUSD’s price is up $1.5 (0.12%) from the hour prior.
  • This is the 2nd hour in a row Platinum has seen its price head up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Platinum. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them with price now being above it. The moving averages on the hourly 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.

Platinum’s hourly price chart is shown below.

XPTUSD

The Daily View for Platinum

  • Currently, XPTUSD’s price is down $-2.08 (-0.17%) from the day prior.
  • This is the 2nd day in a row Platinum has seen its price head down.
  • Regarding the trend, note that the strongest trend exists on the 50 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 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 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.

XPTUSD