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.

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
EUR/USD
Bullish
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
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Join @MartinSEssex 's #webinar at 6:30 AM ET/10:30 AM GMT to learn more about trading #sentiment Register here: https://t.co/XUUPRdY06p https://t.co/KgvlfpAhkj
  • What are some trading mistakes @nickcawley1 made during his career and what did he learn from them? Find out:https://t.co/y3cckNW22W https://t.co/oEvLjjWpGb
  • Heads Up:🇬🇧 BoE Vlieghe Speech due at 09:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-20
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/9:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/KCHeNfayki
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/q8nG7unK17
  • Just posted: a fascinating chat with my @DailyFX colleague @HathornSabin on #gold, $USD, $MXN and more https://t.co/vKdwKJZuEF
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.83%, while traders in EUR/USD are at opposite extremes with 67.62%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/sf61r9rewm
  • Gold Prices May Fall Further as US Fiscal Stimulus Hopes Fizzle - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2020/10/20/Gold-Prices-May-Fall-Further-as-US-Fiscal-Stimulus-Hopes-Fizzle.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #XAUUSD #gold #FiscalPolicy #stimulus https://t.co/fS6r9kPXPY
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/5DC2kgetXj
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Silver: -0.15% Gold: -0.20% Oil - US Crude: -0.34% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yDIGCBjieN
Platinum Price Key Resistance Levels to Watch

Platinum Price Key Resistance Levels to Watch

2019-06-26 15:31:00
Mahmoud Alkudsi, Analyst
Share:

Platinum Price Forecast

  • Platinum charts and analysis.
  • Platinum Price consolidating in a narrow trading zone.

Did we get it right with our forecasts? Find out more for free from our Q2 Gold and main currencies forecasts

Platinum Price – The Buyers Struggle

On June 20, Platinum rallied creating a higher high at $823.9 however, it slipped back showing the price weakness to rally even higher. Yesterday, same process repeated nonetheless, without enough impulse to test the mentioned high.

On June 24, the Relative Strength Index (RSI) corssed above 50 however, it U-turned reflecting the lack of momentum to kick start an upward trend.

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

Platinum DAILY PRICE CHART (APR 9, 2019 – JUn 26, 2019) Zoomed In

Platinum price daily chart - 26-06-19 Zoomed In

Platinum DAILY PRICE CHART (DEC 7, 2017 – JUn 26, 2019) Zoomed OUT

Platinum price daily chart - 26-06-19 Zoomed out

Looking at the daily chart we notice on June 5 Platinum moved to the lower trading zone $780.0 - $817.0. Since then the price has stuck in a sideways pattern and failed in four different times to close above the higher end of this trading zone.

Therefore, any close above the higher end, may lead Platinum to test the double bottom neckline residing at $833.3. It’s worth noting that if the price breaks and remains above the neck line it might trade even higher towards $877.0. However, the weekly resistance zone and levels underlined on the chart need to be watched closely.

A close below $788.5 would negate the double bottom formation and could see the price trading towards the weekly support zone at $780.0 – $778.7. See the chart to find out more about the significant weekly supports the sellers would encounter below $778.7.

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

Platinum Four-HOUR PRICE CHART (May27, 2019- JUN 12, 2019)

Platinum price 4H chart - 26-06-19

Looking at the four-hour chart we notice Platinum rallied yesterday carving out a higher high at $820.3. Hence, any break above this high could rally the price towards the aforementioned neck line. Although, the June 20 peak (weekly high) at $823.9 needs to be kept in focus. See the chart to know more about the key levels if the rally carries on above the neck line.

On the other hand, we notice Platinum rebounded on June 19 from $797.3 and since then never tested this level. Therefore, any break below this threshold might send the price to test the zone from the June 18 low at $790.3 to the May 30 low at $788.5. See the chart to check on the next weekly support zone.

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