Platinum consolidates in a narrow range

03 April 2023 169
Platinum consolidates in a narrow range

The platinum price is consolidating in a narrow range. 

Podium Minerals has reached a major milestone in producing unmelted platinum at the Parks Reef PGM project in Western Australia. The project can boast a number of important fields of gold, copper, cobalt, nickel, rhodium and palladium. The company has successfully completed preliminary studies, environmental surveys and obtained a production permit.

Atmospheric leaching was tested and gave positive results, the ratio of platinum recovery exceeds 90%.

Podium aims to produce a high-quality product suitable for large refineries, while maintaining a low-carbon, low-energy life cycle.

The announcement by Podium Minerals of a breakthrough in the smelting-free platinum production at the Parks Reef PGM project in Western Australia points to the potential for increased platinum supply, and thus may reduce the price of the white metal in the short term. 

Precious metal prices may be affected by today's news on the ISM Manufacturing PMI. The publication of the data will give an idea of the U.S. economy's strength, which in turn could affect investor sentiment and demand for safe-haven assets, precious metals in general.

The price of platinum is in a narrow range of 960 - 1010. The upper boundary has a downward slope, indicating the presence of sales in the buffer. Price location in the H4 timeframe rectangle is about uncertainty. There is an opportunity for market participants to make short-term transactions between resistance and support levels. In this case, the price, just being in the 1010 resistance buffer zone, rebounded and rushed to the opposite border of the range.

On the H4 timeframe Stochastic oscillator indicators (standard values) show the exit of moving from the overbought zone, pointing to a downtrend. 

Platinum consolidates in a narrow range - Photo 1

Technical and fundamental data suggests that platinum's price will fall in the short term.

Signal:

Short-term prospects for platinum - sales. 

The target is at the level of 960.00.

Part of the profit should be fixed near the level of 980.00.

The stop-loss is at the level of 1015.00.

"Bearish" trend has a short-term character, so the volume of trade should not exceed 2% of your balance.

This content is for informational purposes only and is not intended to be investing advice.

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