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Platinum Daily Technical Analysis | 23 January 2018

2018-01-23 10:46 am | Resource: Technical Analysis Section | No Views : 356

The US Platinum failed to break through 1013 during yesterday's trading, which led to the decline of the commodity to break the area of $ 1000 on the time frame 240 minutes due to weak momentum and the need for the commodity to correct.
 
Platinum Daily Technical Analysis | 23 January 2018

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
Trend: neutral


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