Platinum Futures Bounce Off Long Term Level

Platinum futures just successfully tested a 33 year old support/resistance level at $650-$800. Price is moving hard now (allegedly on China stimulus news) and a challenge of the ~$1,200 area in the next weeks to months looks highly plausible. Entering a long now isn't optimal, but a pullback towards or below $800 is much better.

Transaction en cours:

No chance for a pullback here. Platinum has been tearing higher. Daily, weekly and even monthly timeframes sending overbought signals at the moment. $1000-1050 should provide some resistance and a possible pullback for a better entry. The FOMC meets on Sept 17-18 and this price action could be in anticipation of more rate cuts. Any sort of "sell the news" dip is likely a buying opportunity as the world's central bankers aren't in a position to raise rates anytime soon.

Transaction en cours:

Platinum futures tapped $1000 and now we're getting that pullback. Multi decade support at 650-850. 750-850 is the more recent buy zone.

Commentaire:

Here's a closer look at the weekly. No need to rush in. This needs some correction and weekly momentum is just rolling over now. 750-850 is the optimal spot in my view.

Transaction en cours:

Nice move in platinum right off the 750-850 zone. This is a long, but rewarding trade. Let's see if we can test that downtrend.