PLATINUM:
The current market price is 1899.87, reflecting a 1.58% decrease from the previous price.
Support and Resistance Levels
Current support levels are 1888.88, 1876.95, and 1860.81, while resistance levels are 1916.95, 1933.09, and 1945.02. The pivot point is at 1905.02.
Indicators
The RSI is currently at 29.78, indicating an oversold condition. The ATR is 12.39, suggesting volatility. The MACD shows a bearish trend with a current MACD of -6.86, and the Parabolic SAR indicates a downtrend at 1965.40.
Market Sentiment
Given the price is below the pivot point at 1905.02 and bearish indicators, a continued downward trend is likely.
PLATINUM Signals & Technical Analysis
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Platinum is a precious metal that is traded around the clock on global commodities markets. Generally, it commands a higher per troy ounce price than gold during periods of market and political stability due to its relative scarcity. The only primary concern when trading platinum futures is related to volume. Sometimes the 200-day average volume is only approximately 16,000 contracts per day, with some days having significantly lower volume. This lack of liquidity could potentially make entering or exiting a position difficult as even trading in single-digit contracts could exceed the daily market capacity.
Is PLATINUM/USD bullish or bearish?
It is highly likely that the cost of platinum will experience a substantial resurgence in 2023, as the demand for this metal is not anticipated to decline. Platinum is a multifaceted metal with numerous industrial applications, meaning that its demand is not solely derived from investor sentiment. Due to its limited availability, platinum is an exceedingly valuable asset and has historically traded at prices higher than gold, suggesting that it may currently be undervalued.
Is PLATINUM getting stronger against USD?
Platinum prices experienced a 3% increase from 2021 to 2022, ranking the metal as the top-performing exchange-traded precious metal for the year. The asset still shows a lot of potential for further upsides this year.
What Affects PLATINUM?
The Platinum price is impacted by a variety of factors, including geopolitical influences related to the exportation of Platinum, the effects of the global recession on import and jewellery sales, and the automotive and medical industries' utilization of the metal in industrial applications (e.g., catalytic converters) and laboratory equipment.
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