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Before the XPTUSD rise. It is worth a few moments to deal with the price of platinum. Platinum mines in South Africa are extremely low priced. Slowly this can turn out. At the same time with the strengthening of platinum and palladium. The price of XPTUSD has come to a consolidation stage. It has a low ATR, so too much movement is not expected in the future ...
The price of Platinum was upward. The price of XPTUSD rose from the correction level of 905 usd. The rising wave (BC) is similar to the size of the previous (OA) waveform. If the assumption is correct, the current target price for the move is 1044 usd.
Descending triangle is more of a continuation pattern.
It looks like Platinum is about to break to the downside.
Not confirmed yet.
Wait and see in the next few weeks.
Price action converging and a breakout looks imminent
Overall sentiment has turned very bearish as speculative Nymex funds positioned with sizeable short bets
There is value and the risk reward to the upside looks favourable
On a larger scale, it seems that the metal is about to produce a large W correctional move higher
weekly chart indicates a trend change if the 1030 level breaks
Platinum seems to have revered a skewed Head And Shoulder pattern in December and its upward Trend is now converging towards the first notable resistance.
We are still well within last year's High and Low so more action can be expected.
The key point for me at the moment is waiting to see how the price reacts to the level ...