PLATINUM:
The current market price is 2145.50, reflecting a minor increase of 0.1% from the previous close.
Support and Resistance Levels
Support levels are identified at 2144.1, 2140, and 2135.75, with resistance levels at 2150, 2155, and 2160. The pivot point stands at 2147.88.
Indicators
The RSI shows weakening momentum at 57.91, indicating potential bearishness. ATR is at 29.98177, showing elevated volatility. The ADX remains undefined. The 50-day SMA is at 2249.75 and the 200-day EMA is at 2236.69, supporting a bullish trend. The Parabolic SAR points at 2144.1, reinforcing a bullish outlook.
Market Sentiment
Given the current price above the pivot point (2147.88) and bullish indicators, the market shows potential for an upward trend.
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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