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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 345932, member: 106971"] [B]Platinum analysis for 24.04.2024 [/B] [ATTACH type="full"]60769[/ATTACH] [B] Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] Platinum's market behavior on the H4 chart indicates a continued downtrend, marked by a sequence of lower highs and lower lows. However, a recent slight upward movement suggests a temporary bullish retracement, which could present a short-term buying opportunity. This trend is further highlighted by the platinum price positioning near the lower Bollinger Band, typically a signal of an oversold condition or the persistence of a strong downtrend. The Relative Strength Index (RSI) being below 50 supports the bearish momentum, though it hasn't yet reached oversold levels, suggesting that the downtrend could continue or pause for a short reversal. In terms of resistance and support, the current price level's immediate resistance is identified at the point where this retracement started, with a more substantial resistance potentially forming at the middle Bollinger Band. Should prices decline further, the recent low will serve as critical support, with additional support potentially appearing at lower levels not currently visible on the H4 chart. Given these technical indicators and the broader economic factors influencing platinum prices, such as industrial demand and supply dynamics, traders should remain vigilant for any shifts in market sentiment or macroeconomic updates that could impact price movements. Effective risk management is crucial due to the commodity's volatility. [B]Disclaimer[/B]: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B]FxGlory 24.04.2024 [ATTACH type="full" width="959px"]60770[/ATTACH][/B] [/QUOTE]
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