Platinum to reach much higher levels | 14 July


Platinum Price Forecast relative to Long Term Monthly - Medium Term Weekly - Short Term Daily - and Hourly (not shown) data.

PLATINUM FORECAST

(Previous week in brackets)

Platinum USD Monthly Weekly Daily
1131 (1090)
PT Trend ↓ (↓) ↑ (↑) ↑ (↑)
PT % Risk
Weight
68 (64) 33 (20) 80 (39)
PM Distribution
Total allocation 50% (35%)
Pt:35% Ag:30% Au:35%

Platinum / USD live price



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Platinum comment

14 July 2021 It seems that whilst we've been bullish on Pt, the market largely ignores this equally most precious of all metals. Looking at price development the past 18 months we would rather redefine our next target to get closer to $1900. It simply has a long way to go in the current phase of recovery towards equilibrium vis a vis Gold and Silver. This must also mean a much higher price against the US Dollar even if Gold and Silver were to stall at current levels, which seems rather unlikely. No Change.

2 July 2021 What risk can we expect with Platinum for Q3 2021? Looking at the daily chart we may have completed a large ABC correction since February 2021. In Elliott terms this looks like a correction of lower degree that hasn't completed its first advance which means strong upside potential. The new week made the risk weight trend turn from down to up at the 20% level. As Both daily and weekly risk turned up last week the market seems to seek more upside. Whilst Monthly risk still requires a new high to at least signal an intermediary top we remain confident on our Platinum allocation. Because a higher degree advance started in March 2020 under Covid influence, quarterly risk weight can still be consideren an uptrend after double bullish divergence being signalled after that low last year. Thus positive on a larger scale and patient with the Platinum allocation which only has run the shorter part of this primary uptrend.

PlatinumUSD (Interim) Quarterly 14 July


GOLD/PLATINUM Ratio Price Risk Charts & Analysis

(Previous week in brackets)

Gold Platinum ratio Monthly Weekly Daily
1.6175 (1.6390)
Trend ↑ (↑) ↓ (↓) ↓ (↑)
% Risk
Weight
30 (30) 68 (73) 35 (50)
PM Distribution
Total allocation 50% (35%)
Pt:35% Ag:30% Au:35%

Gold/Platinum Ratio Charts

No written update of the individual Gold/PT ratio this week and next due to holidays. The long term trend towards equilibrium at below par is still in play.


Daily Ratio 2 July

The Platinum recovery stalled last week but found some fresh impuls on Thursday Friday. On the Daily chart we need yet to see a signal of an more serious intermediate Gold/Platinum ratio bottom. Based on this daily chart formation we are still in a correction of the larger move and that low has yet to materialize.

Weekly Ratio 2 July

The latest weekly chart position on risk weight across our tools may still develop a new intermediate high before the downtrend resumes. We confidently remain with our good 1/3rd (physical) Platinum and equal to (physical) Gold allocation.

Monthly Ratio 2 July

Monthly risk weight needs to make a real bottom either in deep low risk territory like, < 5% or bullish divergence associated with a lower Gold/Platinum ratio. This has yet to materialize and supports our overall position.

Qrtly Ratio 2 July

Quarterly risk weight is down into the new quarter and picking up the existing long term trend. That trend may take a few years to transpire, like the 1973-1979 move which resulted in a 50% drop of the Gold/PT ratio. A similar drop, probably on shorter time scale would trigger our long term equilibrium objective. As that happens Equilibrium or the multi decade average is then likely to be broken in the process before turning back up again. Physical Platinum therefor is likely to remain a strong hold in our long term portfolio.



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Posted in A - All Financial Blogs | 2021 Forecast, PLATINUM FORECAST 2021 | EYEFORGOLD.

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