Metals are trying to shine ahead of the Federal Reserve (Fed) meeting. So far, they are pretty shy, but the small movements seen now can develop into something bigger in the near future. Today we won’t talk about gold or silver but only platinum, which out of those three actually has the biggest chance to succeed.

Platinum is currently in a place that’s absolutely crucial for its future. The price is on the crossing of two resistances: a horizontal and a dynamic one. The horizontal is the area around 1025 USD, which has proved to be effective in 2018 and 2020 (orange). The dynamic one is the mid-term down trendline (blue), connecting lower highs since the beginning of the 2021.

Platinum Weekly 12:20 GMT

A breakout of these two resistances – as in the price closing the day above them – would be an amazing long-term buy signal. That would be the first but very important step towards reaching highs from early 2021.

Of course, on the other hand, failing to break that resistance and in consequence bouncing off it, would be a strong sell signal.

Which one will Platinum choose? I guess we’ll find out pretty soon with a little help from the Fed. There’s a clear scenario, whichever way platinum moves.

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About Author

During his career, Tomasz has held over 400 webinars, live seminars, and lectures across the globe. He was also an academic lecturer at Poland's Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for the accounts; none of which were ever negative. Tomasz gives preference to a technical approach to trading: mainly price action with very strict money management rules. He believes that the most important thing in trading is your mind, so it is much better to focus on trading psychology than to look for the Holy Grail of trading systems.

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