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Platinum Technical Analysis - Platinum Trading: 2023-04-19
Platinum Technical Analysis Summary
Above 1081
Buy Stop
Below 980
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Buy |
Platinum Chart Analysis
Platinum Technical Analysis
On the daily timeframe, XPTUSD: D1 has come out of a long-term downtrend and a short-term up channel. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XPTUSD: D1 rises above its most recent high of 1081. This level can be used as an entry point. The initial risk limit is possible below the Parabolic signal, 200-day moving average line and the last lower fractal: 980. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (980) without activating the order (1081), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Precious Metals - Platinum
The world is expected to have a shortage of platinum. Will XPTUSD quotes continue to rise?
The World Platinum Investment Council expects a global platinum deficit of 556 koz in 2023 after a global surplus of 776 koz in 2022. The main reason for this is the forecast for a 24% increase in global demand in 2023 to 7985 koz. It is mainly due to the growth in consumption of platinum in the global automotive industry. At the same time, an increase in demand for this precious metal in the jewelry industry and in investments is expected (against the backdrop of rising gold prices). Positive for platinum and other industrial metals could be good GDP growth in China in 1Q 2023 (+4.5% y/y).
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