Platinum is bouncing off its 3-year uptrendWe expect Platinum to erode the downtrend that started in May 2023 at the level of 931 and move upwards. Our confidence in this projection stems from two factors. Firstly, the market is rebounding off a robust 3-year uptrend, indicating a strong underlying support. Secondly, there's a notable divergence in the daily RSI, which indicates a loss in downward momentum at this critical juncture.
In the bigger picture, long-term trendlines tend to hold more significance than shorter-term ones. In this specific case, the well-established uptrend is likely to prevail and push Platinum beyond its more immediate downtrend. One to start paying attention to!
#platinum #commodities #preciousmetals
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