Platinum Trend May Be Changing as Price Just Breached Above Its 20 Day Moving Average

The Daily View for Platinum

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  • Platinum has seen its price go down 5 out of the past 5 days, thus creating some compelling opportunities for bears.
  • 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 day timeframes.
  • Regarding moving averages, it should first be noted that price has crossed the 100 and 50 day moving averages, resulting in them so that price is now turning below 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.
  • 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.

XPTUSD

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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…

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