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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
Gold
Mixed
Oil - US Crude
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
Bitcoin
Bullish
More View more
Real Time News
  • Another failure Boris!
  • RT @vtchakarova: British PM Johnson says won't negotiate further Brexit delay with EU. The EU also made it very clear (see Juncker’s recent…
  • How will the Trump impeachment process affect #forex and US stocks? Find out from Rupert Osborne, @IG_US, only on Trading Global Markets #podcast. Missed the episode? Read up here: https://t.co/1Bgo0Fl5CV https://t.co/BRNvqHVjYY
  • RT @bbclaurak: I'm told that's the advice from Cabinet Secretary - legal default is still leaving at end of this month, because they can't…
  • RT @bbclaurak: No 10 claims chances of no deal go up if Letwin passes - 'the govt will step up no deal preparations immediately as the risk…
  • RT @NSoames: I shall vote against The Letwin amendment and for the Deal
  • RT @Robert___Harris: On the eve of tomorrow’s rushed Commons vote I keep thinking of the journalist Phillip Knightley’s memo to the executi…
  • The $AUD has wilted as markets price in further rate cuts even as the OCR hovers at just 1%. Those cuts may come, but labor market strength may have to wane first. Get your market update from @DavidCottleFX here: https://t.co/h1Uvm8ogXh https://t.co/M1IP0jqh41
  • The inside bar pattern occurs regularly within the financial markets. Incorporating the inside bar strategy within a trading system can enhance a trader’s market analysis technique. Find out how you can use it from @WVenketas here: https://t.co/E3EWOYTYNw https://t.co/ZCT4pwc6nv
  • Greed has proven to be a hindrance more than assistance for traders. How does greed impact your trading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/C4vrTm69sE
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
Share:

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

News & Analysis at your fingertips.