Platinum Technical Analysis | Platinum Trading: 2020-11-23 | IFCM Hong Kong
IFC Markets Online CFD Broker

Platinum Technical Analysis - Platinum Trading: 2020-11-23

Platinum Technical Analysis Summary

Accelerometer arrow
Strong SellSellNeutralBuyStrong Buy

Above 963

Buy Stop

Below 836

Stop Loss

Mary Wild
Senior Analytical Expert
Articles 2058
IndicatorSignal
RSI Neutral
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 multi-month triangle. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XPTUSD rises above the last high and upper Bollinger band: 963. This level can be used as an entry point. We can set a stop loss below the 200-day moving average line, the Parabolic signal and 2 last lower fractals: 836. After opening a pending order, we can move the stop loss following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the 4-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (836) without activating the order (963), it is recommended to delete the order: the market sustains internal changes that have not been taken into account.

Fundamental Analysis of Precious Metals - Platinum

The World Platinum Investment Council (WPIC) predicts a significant platinum deficit in the global market in 2020-2021. Will the XPTUSD prices grow?

This year, the WPIC expects global platinum supply to drop by 18% and demand - by only 5%. This may lead to a global platinum deficit of 1.2 million ounces. In 2021, it can be reduced to 224 thousand ounces. The plans of developed countries to actively develop hydrogen energy and the use of hydrogen fuel may cause a possible platinum deficit. In this case, platinum can be used as a catalyst for some chemical processes. In addition, WPIC expects global demand for platinum in diesel vehicle production to increase by about a quarter next year, and in China - by 68%. According to the WPIC, the start of platinum purchases by industrial companies and the corresponding increase in quotes can be supported by purchases of global investment funds and the global jewelry industry.

IFCM Trading Academy - New era in Forex education
Pass Your Course:
  • Get Certificate
trading academy

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

Note:
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.

Close support
Call to Skype Call to WhatsApp Call to telegram Call Back Call to messenger