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Platinum

Market Opportunities - 29/07/2020

29 July, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

Platinum uptrend opportunity based On 1.00 Lot Calculation:

  • Weak US dollar amid expectations for an additional 1 trillion dollars’ stimulus package in the US continues to give support to the Platinum price.
  • Platinum prices are still lagging when compared to gold and are currently near all-time lows relative to the precious metal which is giving the space for further increase in price.
  • China GDP rose 3.2% in the second-quarter from a year earlier which was better than expected. China is the second largest platinum consumer in the world.

Platinum, July 29, 2020
Reference Price: 977.70

PLATINUM

Weekly

Trend direction

UP

Resistance 3

1,080.80

Resistance 2

1,060.30

Resistance 1

1,031.00

Support 1

924.90

Support 2

897.00

Support 3

876.00

Example of calculation base on weekly trend direction for 1.00 Lot*

PLATINUM

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

10,310.00

8,260.00

5,330.00

-5,280.00

-8,070.00

-10,170.00

Profit or loss in €**

8,772.75

7,028.41

4,535.28

-4,492.74

-6,866.74

-8,653.63

Profit or loss in £**

7,955.37

6,373.56

4,112.72

-4,074.14

-6,226.95

-7,847.34

Profit or loss in C$**

13,754.57

11,019.67

7,110.75

-7,044.05

-10,766.19

-13,567.80

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 09:20 (GMT+1) 29/07/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more detail
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