The platinum price is correcting in its uptrend

11 April 2023 159
The platinum price is correcting in its uptrend

The price is correcting upwards and has clear boundaries on the four-hour period chart.

 

The Hindu-BusinessLine has recently published data on consumer demand for precious metal in India.

 

Platinum Guild International has recorded a sharp increase in production of platinum of 20-25% over the past decade. This growth was made possible by efforts of the Guild to develop the market of platinum jewelry.

 

According to Vaishali Banerjee, Managing Director of Platinum Guild International in India, demand for platinum in 2023, especially for platinum jewelry, is expected to continue a growth trend of 25%. PGI has focused its efforts on attracting younger consumers, with most of its target audience age ranging from 20 to 40 years.

 

Platinum International India has developed valuable partnerships with reputable vendors who have played a vital role in expanding the platinum jewelry market. These partnerships were forged with 658 leading retailers, contributing to significant brand growth, operating in 330 cities.

 

Platinum production growth of 20-25% in India and an increase in its use in the jewelry industry could affect the price of platinum in the global market. The establishment of valuable partnerships between Platinum International India and leading brand vendors alongside a cooperation with large retailers could also boost global demand for the metal and, consequently, increase the platinum price.

 

On the H4 timeframe, the price forms an uptrend with buffer zones. The pullbacks from the resistance zone and support in the buffer range occur more frequently, thereby confirming their significance. The Relative Strength Index (standard values) is supported by convergence, so it confirms the uptrend.

 The platinum price is correcting in its uptrend - Photo 1

There has already been a pullback from the support in the buffer zone, which gives a short-term buy signal towards the buffer resistance.

 

Signal:

Platinum's short-term outlook is to buy.

The target is at the level of 1050.5.

Part of the profit should be fixed near the level of 1025.5.

A Stop-loss should be placed at the level of 984.0.

The bullish trend is of a short-term nature, so it is suggested to limit the trading volume to no more than 2% of your capital.

The PGI?

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

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