January 4, 2019
Technical Outlook: From a technical perspective, Platinum has shown a strong appetite to survive its recent slump in price. Platinum price has been trying to recover from its three-month low of 778 (December 2018) to test a high of 809 in early January 2019. Platinum price is currently trading above its weekly pivot point of 799.9, which could suggest that Platinum might remain on the upside, and eventually approach its weekly Resistance 1 of 812.7. The Daily Relative Strength Index has remained bullish, indicating that the most recent uptrend could be retained. Platinum however, has recently encountered an obstacle to the upside in the form of a 50 Day Exponential Moving Average (808.5) as Platinum failed to break above it in early January. If the Platinum price remains below the 50 Day Exponential Moving Average (808.5), one could then expect that Platinum’s recent uptrend may come to an end. In this case, the weekly Pivot Point of 799.9 could get broken below and weekly Support 1 of 790.4 could next be expected.
|
Current Price: |
799.9 |
|
Resistance 3: |
835.0 |
|
Resistance 2: |
822.2 |
|
Resistance 1: |
812.7 |
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Support 1: |
790.4 |
|
Support 2: |
777.6 |
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Support 3: |
768.1 |

Graph: (Platinum, Daily)
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