XPTUSD - IN BEARISH TRENDXPTUSD is trading in bearish trend in 4hr time frame as it is showing lower highs lower lows and confirmed by the formation of Bearish Engulfing Candlestick.
PLATINUM trade ideas
A rally back up to create this downtrendAs we observe XPT break the ascending TL on the 4h. It has tested the weekly resistance and has reversed the trend. I'm looking for it to rally back up at 927 to potentially create a lower high.
Are we going to continue to moon? As we observe the hourly, we have created a slightly higher high. Like I mentioned on my last analysis, we're in a nice uptrend on the 4h. Zoom in the smaller time frame, it seems to be ranging around the 942 and I would need it for it to crack above for a buy. If it doesn't, we might see a pullback
XPTUSD broke above the 1D MA200 and is ready to rally.Platinum (XPTUSD) broke above the 1D MA200 (orange trend-line), and being on 1D RSI Higher Lows, we may be having a strong rally in its early stages. At least this is what the very same Higher Lows RSI pattern has led to when Platinum made the very same 1D MA200 break-out on October 26 2022.
The result was a +28.50% instant rally from the bottom and then a finaly blow-out just below the 1.382 Fibonacci extension. As a result, we are bullish on Platinum targeting a minimum at 1060 (sub 1.382 Fib), even though it may very well reach the upper (red) Resistance Zone.
-------------------------------------------------------------------------------
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇
Continuation to this steep up-trend We approach the previous daily highs @ the 932. 4h shows a continuation uptrend so we might see a test and potential breakout of this daily high.
XPTUSD Bearish Divergence Hourly Chart - Sell on RetracementPlatinum has been trading in a range on hourly and 4 hour chart
Hourly Chart Bearish Divergence
Sell on retracement to 0.382 fib level
Stop Loss set above the highs and
TP set with 1:1 ratio and previous resistance
turned support
Trade Idea: Go Long Up To 1100$Rationale:
COT sentiment
The last COT report shows that Commercials' net short positions have been decreasing, which could indicate a shift in sentiment towards the bullish side.
The COT report can be used as a tool to gauge the market sentiment of traders. When Commercials' net short positions decrease, it could signal a potential shift in sentiment towards the bullish side. This could be due to factors such as improving economic conditions, increased demand for platinum, or geopolitical events that could impact the price of platinum.
Option Sentiment
There has been a significant increase in insider option activity, with a notable number of calls being purchased at 100$ strike price. This bullish sentiment has been further corroborated by the options open interest, which has also increased.
Technical Analysis
From a technical perspective, Platinum breakthroug range.
Platinum Trade Idea: Go Long with a Price Target of $1,100Rationale:
COT sentiment
The last COT report shows that Commercials' net short positions have been decreasing, which could indicate a shift in sentiment towards the bullish side.
The COT report can be used as a tool to gauge the market sentiment of traders. When Commercials' net short positions decrease, it could signal a potential shift in sentiment towards the bullish side. This could be due to factors such as improving economic conditions, increased demand for platinum, or geopolitical events that could impact the price of platinum.
Option Sentiment
There has been a significant increase in insider option activity, with a notable number of calls being purchased at 100$ strike price. This bullish sentiment has been further corroborated by the options open interest, which has also increased.
Technical Analysis
From a technical perspective, Platinum breakthroug range.
XPTUSD(Platinum) Bullish Divergence Double Bottom-Buy Above LHHourly Chart Bullish Divergence
Double Bottom
98% Long Bias on Myfxbook.com
Buy Above the LH for TP1 and TP2
calculated based on risk taken (SL)
set below the low
1:1.5 RR Trade
XPTUSDPlatinum might be charging up for one of it's biggest rallies all time. Looking for breakout above neckline and/or channel and then take the right inverted shoulder as the stoploss. Target is over 100%!
Platinum Turns Bearish As It Fails a CycleThe price of platinum went below 17 January ($880.51), this represent a cycle failure so we expect price to continue maintaining a bearish drop into a weekly low price.The previous 10 weekly cycles had an average of 32 weeks, we are currently at week 12 so it might be a long way to go unless we have a very short weekly cycle of around 20-22 weeks.
Platinum Possible Bearish RunPrice have alot of liquidity built up and untested at the bottom side. More than likely could reach down there to clear it while making a NEW EXTERNAL LOW just to buy up clearing all INTERNAL range liquidity while on its way BU to form a NEW EXTERNAL high. Which will TAKE TIME.
Platinum - Goldybug eying the potential for an upside swingGoldybug's is watching the activity of his cousin Platibug.
He's been a bit down lately but all bad times come to an end as they say.
On the 5 year chart, Goldybug notices that there have been 3 instances
when platinum has crossed it's lower BB line and then risen rapidly.
Knowing when to exit is as important as knowing when to enter.
Goldybug exits when the price crosses the upper BB twice on multiple time frames.
He might lose out on a bit of profit but rarely makes a loss.
Goldybug is looking for platinum to cross the lower BB again on multiple time frames to re-enter.
profits running good profits every trade Understanding how the market operates. Keeping up with global news events which impact financial markets'. Monitoring your open positions.
You make money if the price moves either up or down's. If the price decreases in value, your position makes a profit.
Has Platinum Found Temporary Bottom @880?Two daily rejections at 880 is likely what Platinum needed to commence a bullish trend towards the descending trendline above 990. A price close above 917.441 is what is left for the metal now.
N.B!
- XPTUSD price might not follow drawn lines . Actual price movement may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
#xptusd
#platinum
PLATINUM, WHAT IS IT AND WHY THE HECK WOULD I WANT THIS METALWhat is Platinum?
Platinum is a chemical element with the symbol Pt and atomic number 78. It belongs to the noble metals group, which also includes palladium, rhodium, iridium, osmium, and ruthenium. Platinum is characterized by its high density, malleability, ductility, and resistance to corrosion. These unique properties make it an invaluable material for various industrial applications.
Where is Platinum Found?
While platinum is relatively scarce, it is not as rare as some other precious metals. The majority of the world's platinum supply comes from two main sources: primary production and recycling. South Africa is the leading producer of platinum, contributing significantly to the global supply. Russia, Zimbabwe, and Canada also have substantial platinum deposits.
Platinum is often found alongside other minerals, such as nickel and copper, in ore deposits known as platinum group elements (PGE). Extracting platinum from these ores involves complex processes that require advanced mining and refining technologies.
Why Would You Want Platinum?
Jewelry and Luxury Goods:
Platinum's brilliant white sheen and resistance to tarnish make it a popular choice for crafting high-end jewelry. Platinum jewelry is not only exquisite but also durable, making it an ideal choice for engagement rings, wedding bands, and other fine accessories.
Catalytic Converters:
The automotive industry extensively uses platinum in catalytic converters, where it plays a crucial role in reducing harmful emissions from vehicles. Its catalytic properties make it an essential component in promoting cleaner air and environmental sustainability.
Electronics and Industry:
Platinum is a key player in various industrial applications, including electronics, due to its excellent conductivity and resistance to corrosion. It is used in the production of electrical contacts, laboratory equipment, and in the manufacturing of glass.
Investment and Financial Markets:
Platinum, like gold and silver, is considered a precious metal and is actively traded in financial markets. Some investors choose to include platinum in their portfolios as a hedge against inflation and economic uncertainties.
Platinum mining is a challenging and complex process. Extracting platinum from the Earth involves several intricate steps, and the scarcity of platinum deposits adds to the difficulty of mining this precious metal. Here is an overview of the key challenges associated with platinum mining:
Ore Extraction:
Platinum is often found in combination with other metals, forming platinum group elements (PGE) deposits. Extracting platinum from these ores requires advanced mining techniques. The ores are typically low in concentration, making the extraction process more intricate than that of more abundant metals.
Depth of Deposits:
Many platinum deposits are located deep underground, which adds to the complexity and cost of mining. Deep-level mining requires specialized equipment and poses safety challenges for miners. In some cases, mines may extend kilometers below the Earth's surface.
Energy Intensity:
The extraction and refining of platinum involve energy-intensive processes. The high temperatures required for smelting and refining contribute to the overall energy consumption of platinum mining operations.
Environmental Impact:
Mining operations, especially in ecologically sensitive areas, can have significant environmental impacts. Platinum mining may result in habitat disruption, soil erosion, and water pollution. Sustainable mining practices and environmental regulations are essential to mitigate these effects.
Labor Intensity:
Mining platinum is a labor-intensive process that requires skilled workers. The complexity of the operations, coupled with safety considerations in deep-level mining, makes it essential to have trained personnel.
Market Volatility:
The platinum market is subject to price fluctuations, influenced by factors such as supply and demand dynamics, economic conditions, and geopolitical events. This volatility can impact the profitability of mining operations and investment decisions in the platinum industry.
Technological Challenges:
The extraction and processing of platinum ores require advanced technologies. Developing and implementing efficient and environmentally responsible mining technologies is an ongoing challenge for the industry.
Despite these challenges, the demand for platinum in various industries, such as jewelry, automotive, and electronics, continues to drive the exploration and extraction of new platinum sources. Innovations in mining technologies and sustainable practices are being explored to address the difficulties associated with platinum mining and ensure its responsible and ethical extraction.
THE TECHNICALS
Sharp downtrend, weak, although down, it is a support trend.
Two strong (one stronger than the other) support trends, IF UNDER, THEN BUY is probably the rule for those.
It looks like there is some downside to come, which has been showing.
The ideal price targets are thicker, and basically mean, under perfect conditions, I'd exit and enter at these levels, however, nothing is ever perfect.
AS far as what the technicals say for price, I'd say there is a good chance it can maintain $800, however, there is a possible dip showing, which takes price down to $700. Again, these are both under or at major trends, and we can say that if price gets to these levels, I have a better than average chance at profit. AND if I'm wrong, I'm backed up by multiple support lines, which means less time in the red.
Other scenario is where the bullish momentum keeps moving up at we head up to 1200 or so before hitting that huge dip. However, I tend to see this as the less likely option.
RSI is showing the dip, along with various other indicators as coming in the short term and being backed up with support and buying in the longer term, this doesn't include a black swan event, which would theoretically take the price way down, and rocket to all time highs, as platinum will likely hold value.
Good luck!!
Personal opinion, I'm bullish long term from a fundamental side and technical side.
Platinum Price to the channel bottomLooks like the platinum price is going down to the channel bottom. So, I'll be waiting for sell opportunities on corrections.
XPTUSD (Platinum) Trend Reversal ahead!Platinum is a rare but highly interesting metal, well suited for many use-cases.
One use-case might be to open a short position.
For about a week, OANDA:XPTUSD has formed higher lows on the 4h chart.
On the other hand - momentum fell on Wednesday, then rose again but then took another dip.
As a result of rising prices and falling momentum, we have a bearish divergence situation.
This bearish divergence is an indication of a potential trend reversal.
There are two indicators that support the hypothesis of a trend reversal:
RSI was overbought and now keeps falling
MACD is about to cross the signal line
Of course, there's no guarantee but there are at least 3 signs (divergence, RSI oversold, MACD crossover) that usually occur when a trend is about to reverse.
The profit target is the weekly pivot at around 903.232
Seasonal Long in PlatinumHey guys, there is an annual seasonal setup in Platinum which begins during the middle of December and extends until February/Early-March timeframe. The meat of the move seems to occur from end-December until mid/end-January though. While last years movement was fairly muted due to the weak capital markets, I am aiming for a $150/oz upside move this year. TP range is $1100-$1125 area. I scale into small longs vs. taking a single large position as the ranges in Platinum, can be quite large. You can also refer to this link for more info on the seasonal setup as well:
auctusmetals.com
XPT/USD - Platinum OZ/USD - Retest & Break Out IdeaI would like to share my thoughts with you.
The Idea is that after Head Shoulder Formation is now the Retest of SHS and confirmation of break out. That idea is supported by the seasonality of Platinum.
I think its possible to reach minimum Target1 if Platinum is not overbought then its also possible to reach target 2 untill 21 th February.
After 21th February I think we will see a correction.
Thx we'll see wish u all the best
Extension of the trend: Definitely a bullish marketHello there,
I hope you're having a great start to the new year. I wish you all the best in your trading ventures and a happy new year with your loved ones.
I'm a fan of the Elliott wave principle, which I find interesting and useful for market analysis. I've developed my analytical approach by combining this principle with my personal experience and considering various scenarios that are likely to occur in the market.
Although I'm going to share my analysis with you, please note that I won't be providing a buy or sell signal. My goal is to share my unbiased analysis so that you can use it as a guide to make an informed decision.
To give you confidence in my analysis, I'll always share my previous analysis from the same market so that you can compare. All the details of my analysis are clearly labeled, making it easy for you to understand.
I hope my analysis will be useful to you in your business journey, and I wish you the best.
I'm waiting to hear from you. Finally, I'd like to remind you that like-mindedness and support, comments, and likes are the most important pillars of progress, like support points in the financial markets. They give me the energy to continue and share more ideas with you.
Sincerely,
