You are a market trading analyst. Summarize the market information in 5 concise sentences (80-100 words max) based on the provided data.
The summary should be structured as follows:
PLATINUM:
Provide the current market price and its percentage change from the previous close.
Support and Resistance Levels
Define the current 3 support levels and resistance levels along with the pivot point.
Indicators
Summarize the findings for RSI, ATR, ADX, 50-day SMA, 200-day EMA, and Parabolic SAR (if some of the metrics doesn't have values, don't put in the answer).
Market Sentiment (use max 25 words for this section)
Predict a bullish or bearish scenario based on whether the current market price is above or below the pivot point (write the value for the pivot point),
and if the indicators and trend line are supportive of a buying or selling trend. Include specific numbers and empirical data as if you are a forex expert.
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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