Platinum (XPTUSD) Makes Big Move Relative to Two Week Trend, 2 Day Up Streak Broken; Price Base in Formation Over Past 14 Days

Platinum Daily Price Recap

772.1862 was the closing price of the day for Platinum, resulting in today being one in which price moved down 0.32% ($2.4522) from the previous day. Relative to other instruments in the metals asset class, Platinum ranked 2nd since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of Platinum.

Platinum Technical Analysis

Volatility for Platinum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. This may setup an interesting opportunity for traders looking to sell rallies in anticipation of the primary trend resuming. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Platinum’s price has gone down 6 of the previous 10 trading days. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.

Overheard on Twitter

Behold! Here are the top tweets related to Platinum:

  • From platinumquote:

    Hong Kong #Platinum #Price Morning Session Open: $799.4 USD per oz 2020-05-01 08:30:23 HKT

  • From platinumquote:

    Hong Kong #Platinum #Price Morning Session Close: $801.5 USD per oz 2020-04-30 12:30:23 HKT

  • From platinumquote:

    Hong Kong #Platinum #Price Morning Session Open: $804.1 USD per oz 2020-04-30 08:30:23 HKT