PLATINUM weekly special report based On 1.00 Lot Calculation:
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EVENT: (Federal Reserve Interest Decision, July 26th, 2023 GMT+1 19:00): The Federal Reserve Bank will meet on July 26th to set the Fed Funds rate target. According to the most recent estimates, analysts are expecting the Federal Reserve to raise interest rates and increase the rate to 5.50%.
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NEWS: ACCORDING TO THE WORLD PLATINUM INVESTMENT COUNCIL, AT THE END OF 2022 THERE WAS ONLY ENOUGH PLATINUM SUPPLY TO COVER 39 WEEKS OF DEMAND: The World Platinum Investment Council signals significant deficit in platinum expected throughout 2023. However, around 80% of platinum supply is set to be imported by China, and will not be available globally due to Chinese export controls. The council outlines, as a result, platinum storage will only be able to cover 6 weeks of demand. Given the tight supply expectations, platinum prices could appreciate as a result.
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PLATINUM PRICE ACTION: Platinum reached $1350 in early 2021. The price is currently moving around $965 and if a recovery to 2021 highs happens, this could provide an increase of around 39%. However, the price could decline further.
PLATINUM, July 13, 2023
Current Price: 965
|
Platinum |
Weekly |
|
Trend direction |
|
|
1140.00 |
|
|
1050.00 |
|
|
1005.00 |
|
|
930.00 |
|
|
920.00 |
|
|
900.00 |
Example of calculation based on weekly trend direction for 1.00 Lot
|
Platinum |
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|
Pivot Points |
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|
Profit or loss in $ |
17,500.00 |
8,500.00 |
4,000.00 |
-3,500.00 |
-4,500.00 |
-6,500.00 |
|
Profit or loss in €2 |
15,661.81 |
7,607.16 |
3,579.84 |
-3,132.36 |
-4,027.32 |
-5,817.24 |
|
Profit or loss in £2 |
13,391.29 |
6,504.34 |
3,060.87 |
-2,678.26 |
-3,443.47 |
-4,973.91 |
|
Profit or loss in C$2 |
23,036.65 |
11,189.23 |
5,265.52 |
-4,607.33 |
-5,923.71 |
-8,556.47 |
- 1.00 lot is equivalent of 100 units
- Calculations for exchange rate used as of 11:50 (GMT+1) 13/07/2023