Tag: Platinum (FOREX:XPTUSDO)

Platinum And Palladium Update

Posted on by Aibek Burabayev

I put the platinum first as it has a clearer structure. The big map has remained unchanged since 2019; I put it down below to brush up.

Platinum

We are in leg 2 (black) with a completed AB part (next chart). I expected the CD part to start earlier. However, the bullish trigger was left untouched and the market collapsed further down.

Platinum

The third red leg down has hammered the platinum futures price below $1,000 handle to hit the valley in $893. It is amazing how symmetry works here, as all three legs are almost equal to each other. It is a good sign for the platinum as it suffered a lot. Continue reading "Platinum And Palladium Update" →

Platinum And Silver Update

Posted on by Aibek Burabayev

One of our regular readers kindly requested the update of Platinum chart. Here we go as promised.

The global outlook for platinum posted in 2019 remains unchanged and you could see that big chart at this link. The previous update was this February as I used the cloning technique to visualize the current second leg up. Platinum futures prices did not follow it, therefore, below is the updated chart.

Weekly Platinum Chart

The leg 2 up had started with a two-leg zigzag up labeled as a blue AB part. It looks symmetric as both legs are almost equal and have the same trajectory. Then we can clearly distinguish the BC consolidation part, which consists of two legs down (red zigzag). It pierced the 38.2% Fibonacci retracement level to hit the valley of $1022. The RSI dropped slightly below the crucial 50 level. Continue reading "Platinum And Silver Update" →

Is Platinum A Runaway Train?

Posted on by Aibek Burabayev

It looks like my post titled "Platinum Could Rocket To $1912" published in November 2019 could turn prophetic as the price of platinum price is moving quickly in the direction of the called target. The majority of readers supported this idea at that time, although with a small margin.

Below is that very chart where I shared the global structure for the large complex correction in the platinum market.

Platinum
Chart courtesy of stooq.com

To remind you, the idea was that leg 2 to the upside (black up arrow) should complete the "joint" between large red legs to the downside. It was thought to retest the top of leg 1 above $1900. The price was at $890 then. Continue reading "Is Platinum A Runaway Train?" →

Platinum Could Rocket To $1912

Posted on by Aibek Burabayev

Last time I updated the platinum chart in March was when "Palladium Pushed Platinum To A Record Low" within the ratio mostly due to the strength of palladium. Platinum has hovered around $900 for three years now as it was lost and forgotten after the “execration” of diesel engines. This "fallen angel" had been shaping a sideways consolidation this past spring, and I had thought it could repeat 2018’s drop following the same structure. The targets were set at the $640 and $401 on the downside, and the invalidation point was assigned to $1034.

Let's see below how you voted for the future of platinum.

Platinum

Most of you picked the $1034 option, which implied the breakout of the consolidation in the upside direction towards the invalidation area. This was the closest call as the majority voted for a bullish move, which, indeed, had happened as platinum couldn't break below the consolidation valley of $788 and bounced up to reach the $1000 level this past September. That price hasn't been seen since February 2018. Again, this was your amazingly accurate prediction, not only for that period but also for a longer-term outlook as I spotted it in the big chart below. Continue reading "Platinum Could Rocket To $1912" →

Palladium Reached Double Resistance

Posted on by Aibek Burabayev

Back in March, I shared with you an updated chart for palladium. It hit the record high of $1553 by that time to become the most precious metal, and it still is.

Every time the price makes a record high, there is a chance for a reversal. In that post, I measured the AB/CD segments of the upside moves on the chart and both short term and long term measurements showed the equality, which meant the possible exhaustion of a Bull Run. I didn't try to guess the top that time and asked your opinion. Below is the distribution of your votes.

Palladium

Most voters chose the $1600-2000 range for the top of the palladium price, which meant that the established new record should be updated to the upside. Your prediction amazingly came true, but this bet wasn't that obvious as it played out only five months later, when the metal refreshed the all-time high at $1601 in July as only then the price entered the forecasted range. Last week the price did it once again to hit a new record high of $1750, confirming your accurate prophecy. Congratulations!

Let's see what happens with the palladium futures these days in the weekly chart below. Continue reading "Palladium Reached Double Resistance" →