Platinum Just Breached This Major Moving Average Level

The Hourly View for Platinum

  • At the time of this writing, XPTUSD’s price is down $-2.06 (-0.17%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved 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 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 and 50 hour moving averages, resulting in them so that price is now turning below them. 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 time of this writing, XPTUSD’s price is up $26.54 (2.24%) from the day prior.
  • Platinum has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 and 50 day moving averages, resulting in them with price now being above them. 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