Platinum Daily Technical Analysis | 23 January 2018
2018-01-23 10:46 am | Resource: Technical Analysis Section | No Views : 356
Our neutral view of the Platinum trade as a result of breaking the minor ascending trend line without confirmation so far, and the simple moving average is currently a resistance zone.
We noted during a previous report that there is a harmonic trading pattern that has been negative in formation. Weakness of the commodity currently may postpone the arrival of the model to the formation area.
Momentum RSI 14 is trading in a bearish trend in the configuration and the indicator broke the bullish trend line during yesterday's trading.
It is expected that, if the Platinum crosses the $ 1017 level, 1041.27 areas may target the negative harmonic pattern, while a break of $ 998.90 might target the 960 level (which supports the negative candlestick on the daily interval).
Support: 872.53- 953.14- 918.84
Resistance: 1000.93- 1013.42 - 1047.27
Gold prices rose on Friday, a day after the European Central Bank cut interest rates for the first time since 2016, and unveiled a comprehensive stimulus package to boost growth in the troubled euro zone. US President Donald Trump said he could consider a temporary trade deal with China before high-level negotiations in October. US stocks decline in pre-market trading Wall Street stocks fell in early trade ahead of Friday…
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