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

The Hourly View for Platinum

  • Currently, XPTUSD’s price is down $-0.28 (-0.02%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move 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 pin bar candlestick pattern on Platinum. Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • 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.

XPTUSD

The Daily View for Platinum

  • At the moment, XPTUSD’s price is up $9.74 (0.84%) from the day prior.
  • This is the 2nd day in a row Platinum has seen its price head up.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • 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.

XPTUSD

Featured Platinum Idea From TradingView

Below is a trading comment entitled gold bounce back you may find interesting:

Gold is still on a positive breakout , but is taking a breather. It will bounce back from the 1879 zone (range 1870 – 1885) and head back to 1900s and higher. Silver and Platinum to follow. move Dollar will see a further fall. With Taxation reforms, persistent Quantitative Easing, as well as the potential move of Russia from dollar denominated to a euro denominated oil trades will see further upside in metals tied to Forex volatility

kaushghosh