Chart of the day: Platinum (22.06.2021)

9:35 AM 22 June 2021

During yesterday's session we could observe increases in the prices of precious metals, which were partially caused by the weakening of the dollar. Let's take a look at the technical situation on the platinum market, where a bullish engulfing pattern appeared on the daily interval. Looking at the broader picture, the recent platinum sell-off has intensified after breaking below the major support at $ 1,130, which was marked with the lower limit of the 1:1 structure. In accordance with the Overbalance methodology, negating the structure may lead to a trend reversal. Nevertheless, it is worth noting that the downward move slowed down near the key support level at $ 1015, which is marked by the i 61.8% Fibonacci retracement and previous price reactions. If buyers manage to keep the price above this level, a move towards $ 1,130 is possible. On the other hand, a sharp negation of this support could open the way towards the $ 930 level.

Platinum D1 interval. Source: xStation5

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits