Platinum set to enjoy a major recovery towards 200-DMA at 1122 – Commerzbank

FXStreet Insights Team FXStreet

Strategists at Commerzbank suspect that palladium is in the throes of basing and needs to go back on the radar. A break above the 1046 January 2020 high would open up the 200-day moving average (DMA) at 1122.

Platinum has based at 900

“Platinum has at last managed to erode its 55-day ma at 1000 and introduce scope to test 1046 the 2020 high.”

“It is showing signs of reversal from the 200-week ma at 930.77. The market has traded through here but the new low of 901.68 was not confirmed by the daily RSI and we suspect has based – the market charted a key week reversal a couple of weeks ago.”

“The market will need to regain 1046 (January 2020 high) to reassert upside dominance. This would allow for a deeper recovery to the 55-week ma at 1076.58 and the 200-day ma at 1122.”

“Only below 900 would allow for losses to the 871.75 61.8% retracement and potentially the 825 September 2020 low.”

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FXStreet Insights Team

FXStreet

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