Platinum is seen at risk to near-term weakness. Nonetheless, the longer-term uptrend remains intact, strategists at Credit Suisse report.

Platinum to suffer downside pressure in the short-term

“Platinum is under pressure near-term and below $1111 would warn of a move back to the 200-day average at $1075, potentially even the “neckline” to the multi-year base at $1045.” 

“We would look for a fresh floor in the $1075/45 zone for an eventual resumption of the core bull trend back to $1340, then $1399/1400.”

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Ask any questions about trading!

Join Actionable Trade Ideas webinars every week!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD consolidates below 1.2200 amid softer US dollar

The sluggish movement in the US dollar keeps EUR/USD on the higher side, with the moves comprising of a 15-pips range below 1.2200. Subdued US dollar and Treasury yields help underpin the major, as the focus shifts to the ECB decision and US CPI data.

EUR/USD News

GBP/USD bounces toward 1.42 on BOE's taper talk

GBP/USD is trading closer to 1.42 after the BOE's Haldane called on cutting back stimulus amid a roaring economy. Earlier, Brexit acrimony and concerns about the reopening pressured the pound. 

GBP/USD News

Gold consolidates below $1,900 amid steady USD

Gold price is hovering in a very narrow trading range with modest gains. The prices remain under pressure by an uptick in the US dollar, ETF outflow,  and weak consumer demand in India. Investors turn their focus on the US CPI.

Gold News

Ripple targets $5.50 after crucial rebound

XRP price seems to be holding above a major support cluster. As long as Ripple remains trading above $0.71, it could rebound to new all-time highs. A head-and-shoulders pattern on the weekly chart suggests an incoming rally to $5.50.

Read more

Marking time ahead of the week's big events

The capital markets appear to be in a holding pattern ahead of this week's big events, including the US CPI and the ECB meeting. Equities are little changed but with a heavier bias evident. Most of the large bourses in the Asia Pacific region were lower, except Australia.

Read more

Forex MAJORS

Cryptocurrencies

Signatures