We covered all short positions made at 1150-1160 level at 1125-1135 level.
Once again, price found support on that Green trendline - a rising higher low made since 2015 low of 1086. This further suggest that Platinum is also trading in a Symmetrical triangle pattern with a biased for further downside.
1) Break above 1186 we will go long
or
2) Break below 1115...
Platinum did hit a low at 1086 but a corrective move was is now confirmed as a bear trap. Price did recover but failed to break above 50% retracement at 1185 and so the longer trend continues. Only a break higher above 1185 or out of the long tern down trend line will be sufficient for the bulls to retake control.
Short in this sellers market.
Platinum could meet strong resistance here - will d price action respect the downtrend line or a bottom is in and prices are ready to rebound higher?
watching the 1185 handle and if that breaks then Platinum could go higher as it will trigger an Inverse Head and Shoulder formation. Buy on pullback 1156 or breakout at 1186 target 1226 and 1256 respectively stop...
The precious metals markets are looking pretty bullish right now, and I think that platinum might have set in a major base at $1150 in February. It's still too early to determine whether or not the down trend in place since last July is over, but technicals are telling me that a long term low might be established if all metals rally in March. The risk/reward ratio...
Like Gold, Silver and Palladium, Platinum is preparing for the bullish run. First nice confluence is overlap of 127.2 and 23.6 @1257. Nice for first target on long. The second confluence is 61.8 (1392) and 61.8 (1388) which comes at nice structure and could be the second target on long.
Look at the price difference Platinum vs. Gold
The platinum/silver ratio indicates right now that silver will likely be the best precious metal to buy at the start of 2015 if all metals start rallying like in January 2014. Please see my previous ideas on silver and on the silver/gold ratio to see why this metal in particular has caught my eye lately. If you're bullish on precious metals right now, give...
I've been watching platinum closely for the past month and a half as I discovered a mean-reversion pattern that has repeated itself several times since 2011.
Using a 200-Day Disparity Index, which measures how far current price is from the 200-Day Exponential Moving Average (EMA200), you can clearly see that platinum tends to set cyclical lows when it is around...
Observations
1. Divergence between price and stochastic as seen on chart
2. Expecting price to rise to the 1.618 Fib extension @ 1358
3. 100EMA will probably come down to meet the 161.8 Fib extension
4. Entry discussed on the H4 time frame (basically on a break of 100EMA on H4)
5. Stop Loss in case of entry is below the lows
The Platinum / US Dollar pair (XPTUSD) 4H Diagram Technical Analysis Training shows the following:
The XPTUSD pair has made a correction and now is exactly on 0.5 of fib. The KUMO offer now its support. The daily diagram is marginally bullish.
So the first think in mind is that XPTUSD pair will move towards to EMA 200 & Kijun Sen. MACD and RSI is turning...
