By Yan Petters – Platinum is currently being traded within a range of $1,520 to $1,550 an ounce. As the chart looks right now, platinum is likely to reach the $1,550 level later on today, with potential to reach even higher.
• The chart below is the platinum 4-hour chart by ForexYard.
• The technical indicators used are the Bollinger Bands, the Slow Stochastic, the MACD/OsMA and the Relative Strength Index (RSI). The Fibonacci Retracement levels were used as well.
• It’s quite clear the platinum is currently traded between the 38.2% level to the 50% level.
• Both the Slow Stochastic and the MACD are providing a bullish cross, suggesting that the recent bullish move has more steam in it, with potential to reach the $1,550 level.
• If platinum will manage to breach though the $1,550 level, it is likely to reach towards the $1,578 level.
• However if it fails to breach it, it has potential to drop down do the $1,520 level.
Forex Market Analysis provided by Forex Yard.
© 2006 by FxYard Ltd
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