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Platinum Technical Analysis - Platinum Trading: 2021-10-07

Platinum Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Above 1013

Buy Stop

Below 899

Stop Loss

Dmitry Lukashev
Senior Analytical Expert
Articles 1807
IndicatorValueSignal
RSI Buy
MACD Buy
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Platinum Chart Analysis

Platinum Chart Analysis

Platinum Technical Analysis

On the daily timeframe, XPTUSD: D1 went up from the downtrend. A number of technical analysis indicators have generated signals for further growth. We do not exclude a bullish movement if XPTUSD rises above the last upper fractal and upper Bollinger band: 1013. This level can be used as an entry point. The initial risk limitation is possible below the Parabolic signal, the last lower fractal, 11-month low and the lower Bollinger line: 899. After opening a pending order, move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a deal, can go to the four-hour chart and set a stop-loss, moving it in the direction of movement. If the price overcomes the stop level (899) without activating the order (1013), it is recommended to delete the order: there are internal changes in the market that were not taken into account.

Fundamental Analysis of Precious Metals - Platinum

The rise in world prices for oil and natural gas may increase interest in projects in the field of hydrogen energy. Will the XPTUSD quotes grow?

Platinum is used in catalysts for the chemical and petrochemical industries, as well as in hydrogen energy. In addition, platinum is used in catalysts for diesel engines for cars and trucks. Diesel demand may stabilize as fuel prices rise. Note that according to the consulting company LMC Automotive, sales of passenger cars and light commercial vehicles of all types of engines in the world in the first half of 2021 increased by 28% compared to the same period in 2020 and reached 42 million units. The World Platinum Investment Council expects an increase in demand for platinum in 2021 due to a possible global shortage. In his opinion, the global production of this metal in 2020 decreased by 18% due to the coronavirus, and the global demand - by only 5%. Note that more than 40% of the demand for platinum comes from industry.

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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.