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

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

2019-07-10 15:00:00
Mahmoud Alkudsi, Market Analyst
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Platinum Price Forecast

  • Platinum charts and analysis.
  • Platinum price action.

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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.

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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.

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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.

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