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Platinum

Market Opportunities - 10/02/2021

10 February, 2021

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 weekly uptrend opportunity based On 1.00 Lot Calculation:

  • Platinum is the best catalyst for Hydrogen Fuel. Fuel cells can utilize platinum as a catalyst to convert the energy in hydrogen (the most abundant element on earth) into electricity used to power satellites, electric cars, buses, and trains.
  • According to Bank Of America analysts Hydrogen is going to take 25% of all oil demand by 2050.
  • Supply Disruptions: South Africa,the biggest producer of Platinum (around 70% of global production), currently is facing the highest number of coronavirus infections and deaths on the African continent. Country’s mining industry is already suffering which is causing supply shortages. This in turn could support the Platinum prices. South Africa's Anglo American Platinum, one of the world's largest mining companies, published on January 28, that platinum group metals production fell 7% versus the year earlier.
  • Rise in Demand: China becomes the second largest consumer after Europe and the recent economic indicators are showing it is on a recovery path. In addition, the growing need to curb emissions to reduce negative gas impact on the environment may be expected to drive the market for platinum. Largest global economies are turning to more environmentally friendly energy sources which could provide strong demand for Platinum in the coming period. With Biden's new administration in the U.S., expectations are that the US will join Europe and China with imposing stricter emission standards.
  • EXPECTED DEFICIT: The Imbalance between supply and demand which will remain in the following period may continue to support the increase in price. According to a most recent report from the World Platinum Investment Council, the first 2021 forecast shows that a third consecutive annual deficit is expected.
  • The price of platinum has surged above its pre-pandemic highs since 2021 started, as the imbalance between demand and supply levels has kept the post-pandemic bull run going. The price is still 45% lower than the record high.

Platinum, February 10, 2021
Current Price: 1,216.50

PLATINUM

Weekly

Trend direction

UP

Resistance 3

1,425.70

Resistance 2

1,360.00

Resistance 1

1,282.00

Support 1

1,156.00

Support 2

1,086.40

Support 3

1,025.80

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

PLATINUM

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

20,920.00

14,350.00

6,550.00

-6,050.00

-13,010.00

-19,070.00

Profit or loss in €**

17,247.49

11,830.86

5,400.15

-4,987.92

-10,726.09

-15,722.26

Profit or loss in £**

15,110.48

10,364.98

4,731.05

-4,369.90

-9,397.10

-13,774.22

Profit or loss in C$**

26,531.37

18,199.10

8,306.91

-7,672.79

-16,499.67

-24,185.15

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 09:10 (GMT) 10/02/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client 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 Client Manager for more detail

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