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Platinum - Bullish scenario unfolding

by Tim Straiton
Thursday 18th February 2021

The current price of platinum is US$ 1259 and trading 25% above the rising 40 week moving average of 932. On November 28th 2020, we wrote on the www.trader.clinic site of the technical situation of the platinum market and warned that a monthly break of the $1000 level would ignite a bull market in this metal.

The current price is close to the Fibonacci 50% retracement level of 1262, based on the 2192 - 333 range seen
between 1998 and 2008. The next important resistance based on the Fibonacci 61.8 % retracement level is $1482.

Taking a look at the gold/platinum ratio, the current price is 1.4160 and threatening to break the rising channel support at 1.357. A break of this level will lend credence to a scenario where platinum surpasses the price of gold.

Investments in platinum can be made via the Aberdeen Standard Physical Platinum Shares ETF (PPLT), currently priced at 118.79.


 

Charts courtesy of