Platinum is Down for the 2nd Day in a Row

The Hourly View for Platinum

  • At the time of this writing, XPTUSD’s price is down $0.01 (0%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move up.
  • As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern 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.
  • The moving averages on the hourly 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.

Platinum’s hourly price chart is shown below.

XPTUSD

The Daily View for Platinum

  • At the time of this writing, XPTUSD’s price is down $-12.08 (-1.04%) from the day prior.
  • This is the 2nd day in a row Platinum has seen its price head down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Of note is that the 50 day changed directions on XPTUSD; it is now pointing down. 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 XAUUSD Commodity Overlook you may find interesting:

Silver troy ounce (31.10 gram) 27.975 USD (percentage of 0.9, Strong Buy signaling) and Platinum , 1151.1 USD (-0.98 of pct, Buy). Ounce palladium 2781 USD (%-0.93) costs for traders.Copper 1 pound (0.4535 kg), 4.526 USD (with the percentage of -0.66, Neutral) is being traded at the time written. Besides this, XAUUSD, spot gold (oz), 1893.9 USD (%-0.03, Buy) is going along its trendline.American Dollar…

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