The Tide May Be Shifting for Platinum as it Crosses Above Its 20 Day Moving Average

The Hourly View for Platinum

  • At the time of this writing, XPTUSD’s price is up $0.79 (0.06%) from the hour prior.
  • Platinum has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls.
  • Regarding the trend, note that the strongest trend exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Platinum. Given that we see an uptrend on the 20 and 10 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 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 moment, XPTUSD’s price is down $-21.16 (-1.74%) from the day prior.
  • The daily chart shows that Platinum has seen 3 straight down days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 20 and 50 day moving averages have been crossed, so that price is now turning below them. 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.

XPTUSD

Featured Platinum Idea From TradingView

Below is a trading comment entitled PLATINUM GOLD SILVER you may find interesting:

Looks like Platinum outperforms both gold and silver at this point and time. I am long all 3 metals

AskDrBurt