The Hourly View for Platinum
- Currently, XPTUSD’s price is up $1.86 (0.16%) from the hour prior.
- This is the 2nd hour in a row Platinum has seen its price head up.
- If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes.
- 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 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- Of note is that the 20 hour changed directions on XPTUSD; it is now pointing up. 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 time of this writing, XPTUSD’s price is down $-9 (-0.76%) from the day prior.
- It’s been a feast for bears operating on the daily timeframe, as Platinum has now gone down 8 of the past 10 days.
- As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
- Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them so that price is now turning below it. 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.