The following information is a guideline (trading plan) and should not be treated as financial advice. Not advice but banter and active in sharing trade ideas via twitter @sugardaddyFED. You can also follow us via TradingView.com for the latest charts update.
Break below the wedge, we could target 1040.60
Only a break above 1110 will we see a brief period of short covering to fill gap to 1130
Rallies to 20 ma will act as resistance and sellers should appear
On the contrary, dollar index is on resistance and the yellow metal may have some catalyst to relieve the selling
Resistance now at 1122 1138 and 1154 so watch for the 20 MA to add the extra confirmation to short
Caution end of month book squaring – could see a fail dump then spiked higher today
Price action still within a downward sloping channel but key support at the rising trend line at 14.60 (break this then 13.99 is possible)
Not ruling out a retest lower to 14.25 and 13.99 for a double bottom
Daily RSI is showing sign of divergence but relief rally are selling opportunities unless we close and break above 20 ma
Price action is still trading within the big red candle that created the 2015 low. A wedge formation – often a continuous pattern so we cannot rule out a retest at previous low again. The 20 ma will continue to act as resistance and only a strong green candle can overcome the selling momentum. As mentioned in our previous report – only if we see improvement fundamentally in the global demand for automakers – expect lower platinum prices.
Palladium continue to consolidate after putting in a new low and we continue to have the RSI diverging. Price action is still trap within the downward channel and resistance at 20 ma is selling opportunities. Only a close and break above the 20 ma will give rooms to test higher prices. We are watching at the weekly potential inside day pattern that should see short covering if price breaks and close above 640.