PLATINUM:
The current market price is $1588.33, reflecting a gain of 1.25% from the previous close.
Support and Resistance Levels
Support levels are $1576.18, $1570.81, and $1565.61 while resistance levels are $1591.83, $1595.13, and $1603.68. The pivot point is $1586.09.
Indicators
The RSI is at 61.73, indicating a bullish tendency. The ATR stands at 11.63, showing volatility. ADX is at 21.98, suggesting a weak trend. The 50-day SMA is $1586.42 and the 200-day EMA is $1593.87, both indicating an underlying bullish pattern. The Parabolic SAR is positioned below the current price, further confirming the bullish sentiment.
Market Sentiment
Given the price is above the pivot point ($1586.09) and indicators favor a bullish trend, a buying strategy is recommended.
PLATINUM Signals & Technical Analysis
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Platinum is a precious metal that is traded around the clock on global commodities markets. Generally, it commands a higher per troy ounce price than gold during periods of market and political stability due to its relative scarcity. The only primary concern when trading platinum futures is related to volume. Sometimes the 200-day average volume is only approximately 16,000 contracts per day, with some days having significantly lower volume. This lack of liquidity could potentially make entering or exiting a position difficult as even trading in single-digit contracts could exceed the daily market capacity.
Is PLATINUM/USD bullish or bearish?
It is highly likely that the cost of platinum will experience a substantial resurgence in 2023, as the demand for this metal is not anticipated to decline. Platinum is a multifaceted metal with numerous industrial applications, meaning that its demand is not solely derived from investor sentiment. Due to its limited availability, platinum is an exceedingly valuable asset and has historically traded at prices higher than gold, suggesting that it may currently be undervalued.
Is PLATINUM getting stronger against USD?
Platinum prices experienced a 3% increase from 2021 to 2022, ranking the metal as the top-performing exchange-traded precious metal for the year. The asset still shows a lot of potential for further upsides this year.
What Affects PLATINUM?
The Platinum price is impacted by a variety of factors, including geopolitical influences related to the exportation of Platinum, the effects of the global recession on import and jewellery sales, and the automotive and medical industries' utilization of the metal in industrial applications (e.g., catalytic converters) and laboratory equipment.
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