Platinum still a strong buy despite short term weakness | 31 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
849 (901)
PT Trend ↓ (↑) ↓ (↑) ↓ (↑)
Pt % Risk
Weight
69 (71) 30 (33) 30 (67)
PM Distribution
Total allocation 50% (50%)
Pt:20% Ag:45% Au:35%

Platinum/USD live price


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.

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.


GOLD/PLATINUM Ratio Price Risk Analysis

(Previous week in brackets)

GOLD/PLATINUM
Ratio
LT-M MT-W ST-D
221 (211)
Trend ↑ (↓) ↑ (↓) ↑ (↓)
% Risk
Weight
70 (64) 78 (55) 61 (13)
PM Distribution
Total allocation 50% (50%)
Pt:20% Ag:45% Au:35%

Gold/Platinum Ratio Charts

31 October:: Check our freshly updated charts below.

  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.

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.

DAILY AU/PT RATIO 31 10 2020

WEEKLY AU/PT RATIO 31 10 2020

MONTHLY AU/PT RATIO 31 10 2020

QUARTERLY AU/PT RATIO 31 10 2020

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

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