Small Platinum uptick promising as risk weight turns bullish again | 23 October


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
901 (865)
PT Trend ↑ (↓) ↑ (↓) ↑ (↓)
Pt % Risk
Weight
71 (70) 36 (37) 67 (38)
PM Distribution
Total allocation 50% (50%)
Pt:20% Ag:45% Au:35%

Platinum/USD live price


23 October:: PT showed more positive momentum last week whilst all risk weight time frames turned up from down at week’s close. The medium term Weekly show the most potential turning up at just the 36 weight level with potential of developing a very bullish scenario. The next medium term move could easily take it beyond our trigger buy level at close above 1037. We believe that a break of 1037 will not eye pervious down trend correction highs like 1200 or 1550, but immediately sets the target on the highs recorded in 2011 ($1912) an 2008 ($2170). Hold, No Change.

16 October:: Platinum looks to be falling back into its hugely undervalued, unwanted status. We follow the same rule as a seasoned trader like Jim Rogers. In our case this applies to Gold, Silver and Platinum. Buy when nobody wants it and in the case of Platinum with a matching historically low price. Investors don’t like assets that do not show a potential for profit and most retail investors only participate after 80% of the total eventual move has materialized. We ignore short term pressure and may even add to this asset, whilst increasing total allocation to precious metals (now 50%), if it falls into the early 2020 price lows again. The other trigger is a break of 1037 if the opportunity to even exercise such a trade presents itself. No Change.


GOLD/PLATINUM Ratio Price Risk Analysis

(Previous week in brackets)

GOLD/PLATINUM
Ratio
LT-M MT-W ST-D
211 (220)
Trend ↓ (↑) ↓ (↑) ↓ (↑)
% Risk
Weight
64 (70) 55 (77) 13 (75)
PM Distribution
Total allocation 50% (50%)
Pt:20% Ag:45% Au:35%

Gold/Platinum Ratio Chart

23 October:: Not surprising the Ratio risk weight turned down in all time frames except Quarterly which is almost certain to develop very long term bearish divergence and has become a leading indicator for Platinum strenght again. The Daily shot down towards a low risk level of 12 but is not realy diverging against Weekly. Technical pressure is bearish. The nearby future will learn how much patience is still required for Platinum to start its re-adjustment process towards equilibrium. No Change.

16 October:: Platinum fell marginally against gold and against our position. Our comment from last week prevails. Pt is dirt cheap, is massively undervalued being THE gold equivalent hard asset and looking for the Gold/Platinum ratio to return to a minimum equilibrium of 1:1. And that is whether gold goes up or down!

Daily Gold Platinum Ratio 23 Oct

Weekly Gold Platinum Ratio 23 Oct

Monthly Gold Platinum Ratio 23 Oct

Quarterly Gold/Platinum Risk and Price Ratio 30 Sep, 2020

Quarterly Gold/Platinum Risk and Price Ratio 30 Sep, 2020

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