Decoding Market Trends: Platinum's Dance with AI-Predicted Shift
Updated
Dear Esteemed TV Members,
Platinum has been swaying within a bearish trend. However, insights from Support Vector Machines (SVMs) applied to daily candles suggest a potential weakening of this bearish momentum. This predictive analysis, coupled with a possible rising channel pattern on the Relative Strength Index (RSI), indicates that the bearish trend might be approaching its conclusion, paving the way for a potential shift towards a bullish scenario.
SVMs, a formidable machine learning algorithm, serve a dual purpose in classification and regression tasks. In market analysis, SVMs are invaluable for identifying candlestick patterns, forecasting price momentum, and pinpointing crucial support and resistance levels. As per my SVMs, Platinum's price seems to be on the verge of entering a support zone, marked by the blue rectangle on the chart. This support zone could act as a catalyst, drawing in sufficient demand to instigate a reversal of the trend into a bullish trajectory.
Visualizing this potential scenario, I've outlined it with blue arrows and proposed a long position in the chart. However, a word of caution: Should Platinum experience a downturn below the outlined demand zone (as indicated by the purple forecast), it would be prudent to steer clear of the long position. In such a scenario, an alternative bullish outlook may emerge, capitalizing on Platinum's oversold conditions—a phenomenon observed previously on March 19, 2020, and a possibility hinted at in the alternative blue forecast.
Happy Trading!
A crucial disclaimer accompanies this insight: This is not investment advice, and the responsibility for trading decisions rests solely with the individual. It's imperative to conduct thorough research, exercise caution, and embrace effective risk management strategies.
Best regards,
Ely
Platinum has been swaying within a bearish trend. However, insights from Support Vector Machines (SVMs) applied to daily candles suggest a potential weakening of this bearish momentum. This predictive analysis, coupled with a possible rising channel pattern on the Relative Strength Index (RSI), indicates that the bearish trend might be approaching its conclusion, paving the way for a potential shift towards a bullish scenario.
SVMs, a formidable machine learning algorithm, serve a dual purpose in classification and regression tasks. In market analysis, SVMs are invaluable for identifying candlestick patterns, forecasting price momentum, and pinpointing crucial support and resistance levels. As per my SVMs, Platinum's price seems to be on the verge of entering a support zone, marked by the blue rectangle on the chart. This support zone could act as a catalyst, drawing in sufficient demand to instigate a reversal of the trend into a bullish trajectory.
Visualizing this potential scenario, I've outlined it with blue arrows and proposed a long position in the chart. However, a word of caution: Should Platinum experience a downturn below the outlined demand zone (as indicated by the purple forecast), it would be prudent to steer clear of the long position. In such a scenario, an alternative bullish outlook may emerge, capitalizing on Platinum's oversold conditions—a phenomenon observed previously on March 19, 2020, and a possibility hinted at in the alternative blue forecast.
Happy Trading!
A crucial disclaimer accompanies this insight: This is not investment advice, and the responsibility for trading decisions rests solely with the individual. It's imperative to conduct thorough research, exercise caution, and embrace effective risk management strategies.
Best regards,
Ely
Note
There's a possibility that both gold and platinum follows a similarly bullish trajectory. However, platinum could be less overbought than gold per technical indicators, and thus, the risk-reward ratios here are different.Note
Do you believe the rebound of XPT precisely from the support zone on the chart is a mere coincidence? I encourage you to conduct your own research but feel free to consider this perspective.Note
I believe in a future where platinum beats gold again in instristic value.Note
Have you noticed Platinum is getting stronger compared to Gold? I believe demand can grow for both assets, but Platinum being less overbought, could have more potential.Note
Boosted techniques expected the bullish movement of precious metals (platinum, gold) in the previous 24 hours. It indeed happened, but let's look at the precise numbers. The spread analytics gave a reasonable insight into platinum being less overbought than gold and having more potential to grow. You can see the comparison of the two precious metals below:- As of 4:00 PM EST on November 22, 2023, the price of gold has increased by 1.49% from $1,965.76 per ounce to $1,997.67 per ounce.
- The price of platinum has increased by 3.45% from $908.05 per ounce to $934.95 per ounce.
Note
Platinum has rallied to the resistance trendline of the blue falling wedge. While a falling wedge in itself is an usual bullish pattern, it can have a long timing. In the near term, the price could retrace from the resistance until we see a clear breakout from the chartpattern and a following extension of the rally.Note
Although the wedge pattern hasn't broken out yet, consider the probability of breakout when you compute your risk reward ratio.Note
Platinum has made significant profit progress since the last update: 935.10 2.42%. Here, I'd consider realizing some gains.
Disclaimer
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