The Daily View for Platinum
- At the time of this writing, XPTUSD’s price is up $42.17 (4.63%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved down.
- 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 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.
- Divergence between XPTUSD’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XPTUSD’s price.
Below is a daily price chart of Platinum.
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Below is a trading comment entitled Another Fall of Crypto, Evergrande and Metals you may find interesting:
Yesterday in the financial markets there was only talk about the upcoming default of one of the largest developers in China, Evegrande. We already wrote about this last week, but the situation has become actual, since the moment of truth will come on Thursday. Many still hope that the Chinese authorities will step in and save the company. “Too big to fail” – that’s all. Indeed, the company owes not only investment funds, but also banks, suppliers and even households. So far, it is difficult to assess the scale of the potential damage from the default of the company, but it will hardly seem certain just based on the volume of the company (over 300 billion in liabilities and 1,300+ real estate objects throughout China).Over the weekend, US Treasury Secretary Jannette Yellen recalled another potential default. This time we are talking about the US state, which runs the risk of being in…