Trading news

Platinum Price Peak – Present or Past?

We have heard a vast amount within forex news lately regarding Gold’s bullish momentum, however just one week ago Platinum rose above the weekly average amount of $820.0. Since then Platinum has risen even further to $842.0 bringing results to a significant two month high!

Following Platinum’s peak it has been suggested that traders are now ‘in control’ following the Relative Strength Index (RSI) results reaching 64, from a previous result of 50. However, despite this when analysing the chart we can see that as close as four days ago Platinum was closing at the lower end of the current high trading rate brackets of $842.0 - $877.0. Therefore, traders will need to keep a close eye on the chart, to determine whether further lower end close results could in turn prompt a bullish response towards higher prices.

PLATINUM DAILY PRICE CHART (APR 29 – JUL 16, 2019)

Platinum’s up-trend can be traced back to the 5th July 2019, where the chart demonstrates higher-highs being reached and higher-lows coinciding the increase. This in turn has the potential to cause a rally similar to that seen for Platinum back in May, where high’s reached $866.4. Alternatively, a break below $835.5 could see prices decrease back to the lows seen earlier this week of $829.0. However, it is important to keep in mind and monitor the daily support line on the chart, in order to determine whether an increase rally is likely to return.

PLATINUM FOUR-HOUR PRICE CHART (JULY 5 - JUL 16, 2019)

If we view the Platinum trend for the past week in relation to the fifty day moving average, we can see that Platinum is still performing above the predicted rate, however Platinum’s peak has begun to slide over the past 48 hours. That being said traders will need to monitor the chart closely as everything could still change and prices could still begin to increase again, demonstrating an uncertain forecast.

PLATINUM PRICE CHART AGAINST 50 DAY AVERAGE (JULY 10 - JUL 17, 2019)

Despite this a bullish momentum could see an increase in trend similar to that of three days ago. It is also important to identify that despite the drop in rates over the past two days Platinum is still performing just above the fifty day average, demonstrating a 63% increase. Thus signifying the Platinum’s peak is still very much present and therefore one for traders to keep an eye on over the up-and-coming week ahead.
At the time of writing Platinum was still at a high of $845.79.

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ICE Markets Review

Thursday, 18 Jul, 2019 / 12:41

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