NEWS: Platinum price increased 3.1%. The prices are expected to remain high as the World Platinum Investment Council forecasted the platinum market to move into deficit this year.
Possible Scenarios:
If Platinum fails to breach through R1 of 1005.87, our Research Department expects Platinum to undergo a short-term downward correction.
If Platinum manages to break above its R1 of 1005.87, our Research Department expects Platinum to extend its gains to its R2 of 1020.10.
Support and Resistance Levels:
Platinum |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
939.47 |
953.70 |
967.93 |
986.90 |
1005.87 |
1020.10 |
1034.33 |
Potential Profit or Potential Loss Calculations:
1 dollar per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €93.4 |
(+/-) £81.74 |
*1 trading lot is equivalent of 100 units
**EUR/USD = 1.07070
***GBP/USD = 1.22341
Calculations for exchange rate used as of Monday, March 20, 2023, 14:00: AM GMT