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Platinum Price Outlook: Buyers Push Towards Two-Month High

Platinum Price Outlook: Buyers Push Towards Two-Month High

2019-07-16 14:30:00
Mahmoud Alkudsi, Market Analyst
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Platinum Price Forecast

  • Platinum charts and analysis.
  • Platinum price prints its highest level in two months.

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

Platinum Price – Building up a bullish Momentum

On July 10, Platinum broke above the weekly resistance at $820.0. Yesterday, the price closed above $842.0 opening the door to print its highest in two months.

Alongside this, the Relative Strength Index (RSI) crossed above 50 and today reached 64 highlighting the buyers are in control.

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

Platinum DAILY PRICE CHART (Sep 21, 2017 – JUL 16, 2019) Zoomed Out

Platinum price daily chart 16-07-19 Zoomed Out

Platinum DAILY PRICE CHART (Apr 29 – JUL 16, 2019) Zoomed In

Platinum price daily chart 16-07-19 Zoomed in

Looking at the daily chart we notice yesterday, Platinum closed above the low-end of the current trading zone $842.0 - $877.0. Today, the price tested trading below this level end then rose above. Hence, another close above the low- end may increase the likelihood to send the price towards the high-end nonetheless, the weekly resistance levels marked on the chart (zoomed in) should be watched along the way.

In turn, any failure in closing above the low- end could press the price towards $820.0 although, the weekly support levels marked on the chart would be worth monitoring.

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

Platinum Four-HOUR PRICE CHART (JuLY 5 - JUL 16, 2019)

Platinum price four- hour chart 16-07-19

Looking at the four-hour chart we notice on July 5 Platinum started an uptrend creating higher highs with higher lows. Therefore, a break above the weekly resistance at $857.0 may cause a rally towards the May 14 high at $866.4, although the daily resistance underlined on the chart needs to be considered. See the chart to know more about the next significant resistance levels Platinum might encounter beyond mentioned levels.

On the other hand, a break below $835.5 could send the price towards yesterday’s low at $829.0 however, the daily support underlined on the chart needs to be monitored. See the chart for more info about the key support levels Platinum may encounter in a further bearish scenario.

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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