XPTUSD
Technical outlook
Bullish scenario:
The Platinum broke very important resistance zone between 960 and 1000 usd. Now the price is holding above the zone narrowing its daily range. As all trends are moving between two phases – Impulse and Correction the last three-four days sideway movement could be taken as a correction of the impulse started on a 10.11.2020. With the above said if the price breaks its four days range above 1030 level the bulls could take the price to 1073 and if this level fold then the path to 1170 will be open.
Bearish scenario:
If the price break below 1063 support level, then the first target for the bears will be 905 and if it doesn’t hold then we may see 840 support level hit.
Fundamental:
One of the most important things now is the huge spread between gold and platinum which show us that the platinum is quite undervalued on historically bases. The other thing to consider is the except that the platinum is also e precious metal it has a usage in the industry. This fact alone with the huge spread between prices of the two metals gives slightly bigger advantage of the bullish technical scenario
Technical outlook
Bullish scenario:
The Platinum broke very important resistance zone between 960 and 1000 usd. Now the price is holding above the zone narrowing its daily range. As all trends are moving between two phases – Impulse and Correction the last three-four days sideway movement could be taken as a correction of the impulse started on a 10.11.2020. With the above said if the price breaks its four days range above 1030 level the bulls could take the price to 1073 and if this level fold then the path to 1170 will be open.
Bearish scenario:
If the price break below 1063 support level, then the first target for the bears will be 905 and if it doesn’t hold then we may see 840 support level hit.
Fundamental:
One of the most important things now is the huge spread between gold and platinum which show us that the platinum is quite undervalued on historically bases. The other thing to consider is the except that the platinum is also e precious metal it has a usage in the industry. This fact alone with the huge spread between prices of the two metals gives slightly bigger advantage of the bullish technical scenario