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Platinum Price Analysis: Buyers Losing Momentum

Platinum Price Analysis: Buyers Losing Momentum

2019-07-02 14:30:00
Mahmoud Alkudsi, Analyst
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Platinum Price Forecast

  • Platinum charts and analysis.
  • Platinum sellers might be preparing to take over.

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Platinum Price – Exhausted Buyers

On June 28, Platinum rallied and printed $840.9 - its highest level in six weeks. On Monday, the price continued its rally, however; it slipped after closing below $837.0.

Alongside, the Relative Strength Index (RSI) dropped from 62 to 54 indicating the weakness of the upward momentum. Its worth noting that if the oscillator dips below 50 it means a possible start for a downward momentum.

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Platinum DAILY PRICE CHART (June 1, 2018 – JUL 2, 2019) Zoomed Out

Platinum price daily chart 02-07-19 Zoomed Out

Platinum DAILY PRICE CHART (Apr 8, 2018 – JUL 2, 2019) Zoomed In

Platinum price daily chart 02-07-19 Zoomed in

Looking at the daily chart we notice yesterday Platinum failed to close above $837.0 after failing on Friday, showing lack of impulse to move to the higher trading zone. The price could head to the low end of the current trading zone at $820.0 -$837.0.

A close below the low end of the aforementioned trading zone could send the price even lower towards $804.0, however; the daily supports highlighted on the chart would be worth monitoring.

On the other hand, a close above the high end of the trading zone may cause the price to rally towards $852.0, although, the daily resistance levels mentioned on the chart need to be considered.

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Platinum Four-HOUR PRICE CHART (June 19, 2019- JUL 2, 2019)

Platinum price 4H chart -02-07-19

Looking at the four-hour chart we notice Platinum broke below the neckline of head and shoulders pattern residing at $829.8. This pattern suggests the price might head towards the June 28 low at $813.7 contingent on Platinum remains below the aforementioned neckline, although; the daily support levels marked on the chart should be watched closely. See the chart for more details if the selloff continues below the June 28 Low.

On the flipside, a break above the right shoulder at $839.5 might send the price to test the head at $847.4 nonetheless, the daily resistance level underlined on the chart needs to be kept in focus. See the chart to know more about the key levels above $847.4.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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