Technical Analysis On Metals - Platinum, Gold, Silver
TeleTrade-DJ International Consulting Ltd | Feb 05, 2018 10:42
Platinum - Daily time frame chart
If we start to analyse the daily chart we can see that the price for several months has been 'stuck' in the range between $890 and $ 1000.
So at this moment the price is at the top of the consolidation as we can see in the chart below.
h3 Platinum Daily time frame chart/h3
The 4 hour chart shows a possible graphical pattern (Head and Shoulders) that may indicate trend reversal.
Once this is confirmed, with the breakout of the neckline, we can then expect a beginning of a new downside trend.
h3 Platinum 4 hour time frame chart
Silver - Weekly time frame chart
Looking at the weekly chart, it is easy to see that the price has been consolidating after its last downward movement.
However, we can see that the downside trend line is forming, whenever price tends to break it has been forced to initiate downward movements (reject new rises).
Therefore, and as we can see the price, it just hit the third touch on the trend line last week, we can expect a future depreciation until, at least, near the bottom of the consolidation (support zone).
h3 Silver weekly time frame chartGold - Daily time frame chart
Gold has been recovering after its last downward movement.
At the moment gold is in a decisive zone to understand the next movement new movements of appreciation or to begin a slight correction.
In this scenario, we might expect gold’s depreciation near to $13,000 in order to start a new bullish movement which could give us a good opportunity for long entries.
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