Platinum looks like bulls have finally stepped in.
It has been consolidating within a $150 range for over a year.
The blue dashed line in a trend-line connected from the all time low in 2008.
The Gold /Silver ratio recently started to reverse. This could indicate that gold is being perceived as "expensive" compared to related metals. I have no reason to think why platinum would be excluded from this class.
There are a couple more resistance areas (marked on the chart), but we could see a decent run in once price breaks above these levels.
I have a couple ratio charts that I will post along with my interpretation of what they are telling us.
I will post the weekly chart in the comments just to show the potential upside if price returns to historical levels.
It has been consolidating within a $150 range for over a year.
The blue dashed line in a trend-line connected from the all time low in 2008.
The Gold /Silver ratio recently started to reverse. This could indicate that gold is being perceived as "expensive" compared to related metals. I have no reason to think why platinum would be excluded from this class.
There are a couple more resistance areas (marked on the chart), but we could see a decent run in once price breaks above these levels.
I have a couple ratio charts that I will post along with my interpretation of what they are telling us.
I will post the weekly chart in the comments just to show the potential upside if price returns to historical levels.
Note
Weekly ChartNote
Wanted to update this idea since Friday's close.You can see the line labeled "Support Turned Resistance" was tested and ultimately held as the days low.
Secondly, price closed above the ascending trend-line which rejected the breakout attempt in April 2019.
Here's a look at the daily chart.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.