Platinum growth broken by uncertainty in the market.
Psychological / Fundamental Analysis
after seeing a nice and expected growth in the last few weeks it was broken in a short time by a small wave of panic. But we must not forget that we are near the 10 year price low and Platinum is a precious metal which is often needed in the industry. Other metals/raw materials are already expensive so more and more money flows into Platinum.
Technical Analysis
Platinum is in an upward channel and in the formation of an Elliot wave. I expect a jump above the upward channel and thus the completion of the Elliot wave on which an ABC correction should follow
First long position sales targets are $ 860- $ 870, from here I expect the beginning of the ABC correction and a possibility to open a short position to trade the correction down to 845 $.
RSI and MACD are still bullish and have room to grow. I expect first big sales close to the 20 line at the MACD and 80 line at the RSI
after seeing a nice and expected growth in the last few weeks it was broken in a short time by a small wave of panic. But we must not forget that we are near the 10 year price low and Platinum is a precious metal which is often needed in the industry. Other metals/raw materials are already expensive so more and more money flows into Platinum.
Technical Analysis
Platinum is in an upward channel and in the formation of an Elliot wave. I expect a jump above the upward channel and thus the completion of the Elliot wave on which an ABC correction should follow
First long position sales targets are $ 860- $ 870, from here I expect the beginning of the ABC correction and a possibility to open a short position to trade the correction down to 845 $.
RSI and MACD are still bullish and have room to grow. I expect first big sales close to the 20 line at the MACD and 80 line at the RSI
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
