Platinum Play
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The continued trend upward is something to strongly consider. In the short term take a look at the drop to the mid to upper 960s.
The longer, and much more patient play for those who can stomach it could be the two-year formation of a large 'cup with the handle' that the short term move will confirm.
960s could serve as your stop position with the buys set around current or slightly higher prices.
Next week will reveal tell the tail as the candle formations as the technicals currently show platinum as overbought at the moment.
Coming off of ten-year lows, the past six months has presented a buying opportunity as platinum is poised to head back toward the 1200-1600 range sooner than later.
Other long information to consider beyond the technical analysis is the increased demand for platinum that will come from increased demand for precious metals for technological purposes.
"While demand for platinum from the jewelry, automotive and industrial sectors was down in 2019, investor interest helped keep the gray metal in the green for most of the year,
with the greatest price increase happening in the last four months of the year" according to Georgia Williams for InvestingNews.com on Dec.24, 2019.
The longer, and much more patient play for those who can stomach it could be the two-year formation of a large 'cup with the handle' that the short term move will confirm.
960s could serve as your stop position with the buys set around current or slightly higher prices.
Next week will reveal tell the tail as the candle formations as the technicals currently show platinum as overbought at the moment.
Coming off of ten-year lows, the past six months has presented a buying opportunity as platinum is poised to head back toward the 1200-1600 range sooner than later.
Other long information to consider beyond the technical analysis is the increased demand for platinum that will come from increased demand for precious metals for technological purposes.
"While demand for platinum from the jewelry, automotive and industrial sectors was down in 2019, investor interest helped keep the gray metal in the green for most of the year,
with the greatest price increase happening in the last four months of the year" according to Georgia Williams for InvestingNews.com on Dec.24, 2019.
Dagangan aktif
Platinum has come down to the 960s just as assessed on January 18. We should be looking for the takeoff soon. Reassessing the current market action, as well as supply and demand.Nota
When outliers appear they have drastic effects one way or the other. In this case, the COVID-19 development has hammered Platinum through the upward trend support levels down to 849.45.
Penafian
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