I ended up closing my short at 854 before taking a brief long position but have now re-entered short on the bearish engulfing pattern. Target is 808 based on a Fib extension shown in the screenshot.
Last night I took a short trade on platinum which reversed at 875. This is a resistance level from 25th June and 6th November last year. It also coincides with what looks like the top of a price channel. Unless it bounces at 850, I can see a see an initial target of 830 where I would expect some fairly strong resistance but with a final target around 800.
Platinum to Palladium ratio at historical low inside a descending terminal wedge. Key signal that higher Platinum and lower Palladium prices are due in the next phase of the move.
Long Platinum and Short Palladium here.
Platinum as an investment has a much shorter history in the financial sector than does either gold or silver, which were known to ancient civilizations. Experts posit that platinum is about 15-20 times scarcer than gold, on the basis of annual mine production. Because of this fact, platinum has nearly always tended to sell at a significant price premium to gold. More than 75% of global platinum is mined in South Africa.
The price of platinum changes along with its supply and demand; during periods of sustained economic stability and growth, the price of platinum tends to be as much as twice the price of gold; whereas, during periods of economic uncertainty, the price of platinum tends to decrease because of reduced demand, falling below the price of gold, partly due to increased gold prices.
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