Platinum - long term forecast & how to trade
Fundamental view
In my opinion, the price of platinum will rise in the long run as it has similar chemical properties to palladium and the supply of platinum will decrease over time. The automotive industry is increasingly using more platinum as this is currently cheaper and palladium was significantly overvalued at $1600 (for me still overvalued over $1100).
Demand for platinum will definitely continue to exist or increase and supply will not be able to keep up, as it is already the case, the result can be imagined by anyone with some economic knowledge.
Technical view
market price is currently within strong correction movement after expected breakdown from ascending wedge at the beginning of May. I expect first bottom building at buy area 1 which is 78,6 fibonacci support and long term trend line support as well, bottom building will take up to one week. If this support should break down market will move with high probability to second buy area as drawn in the chart.
RSI is near heavy over sold area, expect buyer support if RSI falls down in heavy over sold area.
MACD reached already bearish area and is near support line which brings buyer into the market.
Enjoy your weekend :)
In my opinion, the price of platinum will rise in the long run as it has similar chemical properties to palladium and the supply of platinum will decrease over time. The automotive industry is increasingly using more platinum as this is currently cheaper and palladium was significantly overvalued at $1600 (for me still overvalued over $1100).
Demand for platinum will definitely continue to exist or increase and supply will not be able to keep up, as it is already the case, the result can be imagined by anyone with some economic knowledge.
Technical view
market price is currently within strong correction movement after expected breakdown from ascending wedge at the beginning of May. I expect first bottom building at buy area 1 which is 78,6 fibonacci support and long term trend line support as well, bottom building will take up to one week. If this support should break down market will move with high probability to second buy area as drawn in the chart.
RSI is near heavy over sold area, expect buyer support if RSI falls down in heavy over sold area.
MACD reached already bearish area and is near support line which brings buyer into the market.
Enjoy your weekend :)
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
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