The race for Platinum is waiting in the wings | 06 November


Platinum Price Forecast relative to
Long Term Monthly (LT-M) – Medium Term Weekly (MT-W) – Short Term Daily (ST-D) – and Hourly (not shown) data.

PLATINUM FORECAST

(Previous week in brackets)


Platinum/USD LT-M MT-W ST-D
897 (849)
PT Trend ↓ (↓) ↓ (↓) ↑ (↓)
Pt % Risk
Weight
68 (69) 31 (30) 55 (30)
PM Distribution
Total allocation 50% (50%)
Pt:20% Ag:45% Au:35%

Platinum/USD live price


06 November:: Investors in Platinum are waiting in the virtual wings even though they don’t know it yet. Platinum, during the past 3 months, shows a different price pattern than during the previous 12 years. The Ratio versus Gold seems to have turned and looks technically very vulnerable. Pt/USD Resistance from the 2008 peak has been broken on a monthly closing basis 3 months in a row making November the 4th month if it holds above 865.00. This would be very bullish triggering a rapid acceleration once the platinum price closes above 1037 which is the resistance level since 2016. The next objective then becomes the much higher peak of 2011 at 1924. If the 1037 level is broken we would expect the Gold price to be in a slower uptrend. No Change in allocation for now and ready to add if 1037 breaks.

31 October:: Platinum fell back into the ‘unwanted’ as metals suffered across the board following equities and bonds. All time frames risk weight turned down from up. Yet the technical picture isn’t as bleak whilst none of the time frames have even attempted to peak with dominance. We are looking to add to our Pt position simply because the ratio still looks extremely bearish. See our Ratio charts below. the action plan is either on a fresh short term oversold position with extremely low risk weight or a break of 1037 to the upside. No Change.


GOLD/PLATINUM Ratio Price Risk Analysis

(Previous week in brackets)

GOLD/PLATINUM
Ratio
LT-M MT-W ST-D
217 (221)
Trend ↓ (↑) ↓ (↑) ↑ (↑)
% Risk
Weight
70 (70) 62 (78) 52 (61)
PM Distribution
Total allocation 50% (50%)
Pt:20% Ag:45% Au:35%

Gold/Platinum Ratio Charts

6 November:: Check our freshly updated charts below. Risk weight of the Gold/Platinum ratio is clearly seeking direction moving from down to up and down again in all time frames.

  1. Daily Risk levelled last week after shooting up from a deep oversold position the previous week, now turning mildly down again in a neutral medium risk position.
  2. The Weekly also turned down again by 16 risk points with some way to go before reaching any kind of oversold position. This still calls for a medium term outlook of a lower Gold/Platinum ratio.
  3. The fresh November Monthly figure also turned down showing bearish risk to price divergence on the first tick, hence leaning more towards long term Ratio weakness.
  4. The Quarterly chart confirms the very long term direction of the ratio now being down. We still aim for that Long term equilibrium of Gold/Platinum = close to 1.

31 October::

  1. Daily Risk shot up last week from a deep position without much price change. This shows that this market isn’t looking for much further upside in the short term.
  2. Confirmed by the Medium term Weekly risk which also shot up sharply without much price change.
  3. Monthly Long term price risk is still up but in a bearish divergence context vis a vis the price of the Gold/Platinum ratio which is still in a peaking motion.
  4. We have added a new Q4 chart which of course represents an interim level at the end of October. A much higher ratio price is not being confirmed by higher risk and that is unlikely to change, unless Pt goes to near zero. This long term picture is simply confirming how our objective holds for a move towards equilibrium with Gold.

DAILY AU/PT RATIO 06 11 2020
WEEKLY AU/PT RATIO 06 11 2020

MONTHLY AU/PT RATIO 06 11 2020

MONTHLY AU/PT RATIO 06 11 2020


QUARTERLY AU/PT RATIO AS AT 06 11 2020

QUARTERLY AU/PT RATIO AS AT 06 11 2020

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Posted in A - All Financial Blogs | 2020 Forecast, PLATINUM FORECAST 2020 | EYEFORGOLD.

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