News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
More View more
Real Time News
  • So #PBOC unexpectedly increased liquidity injections yesterday for the 1st time since March Sold 30b #Yuan of 7-day reverse repos at 2.2%, up from usual 10b MSCI #EmergingMarkets index understandably happy, eyeing a Descending Triangle Learn more here - https://www.dailyfx.com/education/technical-analysis-chart-patterns/descending-triangle.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/j2r0KTHQ8M
  • 8 out of 9 Dow Jones sectors ended higher, with 93.3% of the index’s constituents closing in the green. industrials (+2.07%) financials (+1.62%) and communication services (+1.25%) outperformed, whereas materials (-0.06%) trailed behind. https://t.co/jgIcDOvItT
  • The Canadian Dollar may have more room to weaken looking at a Loonie index. USD/CAD is struggling to confirm a push above the 100-day SMA, watch the 4-hour chart for near-term clues. Get your market update from @ddubrovskyFX here:https://t.co/ezLH8Ky4a0 https://t.co/G4K7wuXiWx
  • 🇬🇧 Gfk Consumer Confidence (JUN) Actual: -9 Expected: -7 Previous: -9 https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇬🇧 Gfk Consumer Confidence (JUN) due at 23:01 GMT (15min) Expected: -7 Previous: -9 https://www.dailyfx.com/economic-calendar#2021-06-24
  • 🇳🇿 Balance of Trade (MAY) Actual: N$469M Previous: N$414M https://www.dailyfx.com/economic-calendar#2021-06-24
  • Heads Up:🇳🇿 Balance of Trade (MAY) due at 22:45 GMT (15min) Previous: N$388M https://www.dailyfx.com/economic-calendar#2021-06-24
  • The Euro may be at risk as retail traders are increasing their long exposure in EUR/USD and EUR/GBP. What is the road ahead and what are key technical levels to watch out for?https://t.co/ez25EgpZPm https://t.co/NmpFputoee
  • RT @BrendanFaganFx: Major Banks Pass Fed Stress Test With Flying Colors, Paving the Way for Dividends and Share Buybacks $XLF $GS $MS $KRE…
  • The S&P 500 Index is on pace to close at a new all-time high as stocks gain ground. Get your market update from @RichDvorakFX here:https://t.co/mUiI1LFAN5 https://t.co/vtIWeGT4PR
Platinum Price Outlook: Breaking above The Weekly Resistance - What Might Be Next

Platinum Price Outlook: Breaking above The Weekly Resistance - What Might Be Next

Mahmoud Alkudsi, Analyst

Platinum Price Forecast

  • Platinum charts and analysis.
  • Platinum price action.

Have you checked our latest trading guides for USD and Gold? Download for free Q3 Main Currencies and Commodities Forecasts

Platinum Price – Correcting Higher

On Friday, Platinum rebounded from $804.5 after breaking below the neckline of the head and shoulders pattern discussed in our last update at $829.8.

Alongside, the Relative Strength Index (RSI) crossed below 50 then remained flat reflecting the weakness of the bearish momentum. Today, the oscillator crossed above 50 indicating to the end of the bearish momentum and a possible bullish move.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Platinum DAILY PRICE CHART (DEC 1, 2017 – JUL 10, 2019) Zoomed Out

Platinum price daily chart 10-07-19 Zoomed Out

Platinum DAILY PRICE CHART (Apr 26 – JUL 10, 2019) Zoomed In

Platinum price daily chart 10-07-19 Zoomed in

Looking at the daily chart we notice at the start of this week, Platinum failed to move higher to the trading zone $820.0 – $837.0. Today, the price pushed higher breaking above the low end of this zone.

Therefore, a close above the low end may cause a rally towards the high end, nonetheless, the weekly resistances marked on the chart need to be kept in focus. Further close above the high end could see the price even higher towards $852.0. The weekly resistance levels mentioned on the chart would be worth monitoring in this scenario.

In turn, a failure in closing above the low end of the aforementioned trading zone might embolden the sellers to send the price towards $804.0, and if Platinum closes below this level the price might head towards $796.0, although; the weekly resistance level highlighted on the chart should be considered.

Just getting started?See our Beginners’ Guide for FX traders

Platinum Four-HOUR PRICE CHART (June 19 - JUL 10, 2019)

Platinum price four- hour chart 10-07-19

Looking at the four-hour chart we notice on yesterday Platinum stopped its downside move carving out a higher low at $806.3. Today, the price rallied after breaking above the July 8 high at $821.0.

Hence, a break above $831.7 may send the price towards $837.0, although; the weekly resistance level underlined on the chart needs to be monitored. See the chart for more key levels if the rally continues above mentioned levels.

On the flip-side, a break below $810.0 could press the price towards the July 5 low at $804.5, however; yesterday’s low mentioned above needs to be watched closely. See the chart for the next significant support levels the sellers would encounter if the price continues to decline.

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.

DISCLOSURES