Platinum weaker but getting rapidly oversold versus Gold | 19 November
Platinum Price Forecast relative to Long Term Monthly - Medium Term Weekly - Short Term Daily - and Hourly (not shown) data.
(Previous week in brackets)
|PT Trend||↓ (↑)||↑ (↑)||↓ (↑)|
|PT % Risk
|35 (37)||75 (72)||45 (81)|
Portfolio allocation 40% (40%)
19 November 2021 close A rapid 5% drop for the week, caused the Platinum Monthly reading to turn down. As Platinum look quite strong longer term and relative to Gold and Silver, The physical platinum precious metal also remains a strong hold. This is unlikely to change until we see the typical overbought signals that determine higher allocation risk. When Platinum bottomed and initially bounced sharply in March 2020, the technical evidence was a strong confirmed bullish divergence. We await the next lift into the $1400-$1500 range. Our general outlook for this price event is more towards the end of the first half of 2022. But it may happen earlier in the current uptrend cycle.
12 November 2021 close The stronger close versus Open in October and, thusfar, similar in November shows that Platinum is finding better rythm to withstand the pressure from the past decade. Quarterly risk weight has also turned up from a fairly strong drop and there is no technical indication to suggest Platinum cannot meet our predictive levels over the next 12 months or even sooner. With hurdles, we predict to see 1200 fairly soon followed by breaking 1600 and reaching a level closer to 1:1 against gold. If the other metals take a lead, Platinum may well overtake the speed of ascent as we have seen many times before in history. We hold Platinum (14%) with a small overweight vs Gold (12%) of total allocation.