Gold reached a new all time high on the 4th of September 2024 of 2.7640. This is quite a solid performance sine June 2008 when the ratio was at 0.4430. The current rate at the time of writing is 2.6640. The daily chart for this commodity pair reveals a bearish divergence on both the 14 period relative strength index and the MACD-V indicators.
These are signs of a possible recovery for platinum, which can hardly be a surprise when one looks at the supply/demand outlook for the coming 3 years according to the World Platinum Investment Council, who forecast consecutive supply deficits from 2024 to 2027.
The weekly chart of this ratio shows the choppiness index level of 30, which indicates a spike and the likeliness of a strong retracement.
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