XPTUSD: Platinum Should Explode Targeting 2860

Platinum is one of the major precious metal commodities, along with gold, silver and palladium. As one of the least reactive materials, it is a noble metal which is highly appreciated and used in jewelry. The main functionality, however, remains within the industrial applications such as vehicle emmisions control devices, chemical production and petrol refining, electrical and biomedical applications accounting for about 2/3 of all platinum implementations.

Platinum Monthly Elliott Wave Analysis 10.18.2020

From the all-time highs in 2008, a correction lower in wave ((b)) has unfolded as an Elliott Wave zigzag pattern. In 12 years, platinum has lost 3/4 of the price and has reached 564.82 level. It is the preferred view that an important bottom on March 2020 has been set and the wave ((b)) has ended. From the lows, the recovery does match with the price action in silver which is also turning up for another leg higher in wave (©) of grand super cycle degree.

For 2020–2030, the expectations are to break out to new all-time highs together with silver and gold. The target for wave (©) to end will be 2860–4278 area.

Platinum Weekly Elliott Wave Analysis 10.18.2020

Platinum Daily Elliott Wave Analysis 10.18.2020

Based on correlation to other metals, pullbacks should find support in 3, 7 or 11 swings above March 2020 lows at 564.82. In a long run, platinum should reach 2860–4278 area. Hereby, investors obtain a great opportunity to partcuipate in rising commodity prices.



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