Platinum Daily Technical Analysis | 16 January 2018
2018-01-16 08:21 am | Resource: Technical Analysis Section | No Views : 331
Platinum is still trading in a bullish direction and the simple moving average is still pointing upwards.
By analyzing the previous chart we notice that the harmonic trading model is a negative ambassador at 992 points, which is equal to the 0.782 correction. The model started in the configuration since last September.
Momentum RSI 14 is still trading in a bullish direction over the 4 hour interval but the weakness has become many and pressure on the bulls is increasing and the index failed to penetrate the 70 zones and also shows a negative technical deviation in formation and these factors represent a burden on the bulls should be eliminated before continuing to rise.
It is expected that if the Platinum crosses the $ 1000.93 level it might target the areas of 1013.42 on the other hand, if a breach of $ 1000.93 is not achieved, it might target 949.86: 920.40.
Support: 872.53- 953.14- 918.84
Resistance: 1000.93- 1013.42 - 1047.27
Gold prices rose as investors shifted focus to trade negotiations between the United States and China, following a series of monetary policy decisions from central banks around the world this week. Talks between US and Chinese negotiators were held in Washington on Thursday - scheduled to end today - for the first time in two months in a bid to find common ground to pave the way for high-level negotiations…
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