- Analytics
- Technical Analysis
Platinum Technical Analysis - Platinum Trading: 2020-01-17
Platinum Technical Analysis Summary
Above 1038.76
Buy Stop
Below 945.13
Stop Loss
Indicator | Signal |
RSI | Neutral |
MACD | Buy |
Donchian Channel | Neutral |
Parabolic SAR | Buy |
Fractals | Buy |
MA(200) | Buy |
Platinum Chart Analysis
Platinum Technical Analysis
On the daily timeframe the XPTUSD: D1 has hit all-time high above rising 200-day moving average MA(200).
We believe the bullish momentum will resume after the price breaches above the upper boundary of Donchian channel at 1038.76. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below last fractal low at 945.13. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (945.13) without reaching the order (1038.76), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of - "}[/T]
Technical setup is bullish for platinum. Will the platinum continue rising?
Analysts forecast for platinum market in 2020 is bearish. The World Platinum Investment Council Q3 report estimates there will be a global market surplus of 670,000 oz in 2020 due to a 1% decrease in supply and a 10% decrease in demand. Analysts at UBS estimate platinum demand will decrease due to decreasing demand for auto sector, forecasting also a lower demand for jewelry. On the supply side Zimbabwe has announced plans to steeply increase platinum output, almost tripling the current output to 2.79 million ounces by 2024. Zimbabwe is the world’s third-largest platinum-group metal exporter. Nevertheless the current technical setup is bullish for platinum.
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.