Platinum Does it Again: Heads Up for the 3rd Straight Day

The Hourly View for Platinum

  • Currently, XPTUSD’s price is down $-0.48 (-0.04%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • 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 some doji and pin bar candlestick patterns on Platinum. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 200 hour changed directions on XPTUSD; it is now pointing down. 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 $7.47 (0.61%) from the day prior.
  • This is the 3rd day in a row Platinum has seen its price head up.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Of note is that the 50 day changed directions on XPTUSD; it is now pointing up. 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.


Featured Platinum Idea From TradingView

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