PLATINUM: metal remains under pressure

By | September 28, 2015

Platinum is pressurized. A key factor that exerts pressure on the metal, is the situation in the automotive industry. The scandalous story of the Volkswagen Group to jeopardize the whole sector. As is known, the platinum used in the manufacture of catalytic converters for diesel engines. Given that history with Volkswagen issues arose just in time for this type of engine, it can be assumed that the demand for diesel cars will decrease in the near future that will provoke a decline in demand for the metal and all this against the backdrop of a recovery in production in South Africa.

In the district level 900.0 is quite strong psychological support level. His breakthrough could lead to increased activity of the sellers in the market, that will trigger the acceleration of reduction of quotations metal. Besides, it is necessary to consider that in July 2014 with the platinum is in a downtrend.

platinum chart
Platinum chart

Trading analytics

Platinum (PL)   –   sell platinum  –   Entry price: 900,0. Goal: 833,2. Stop loss: 958,3.

Warning: Profitability in the past does not mean profitability in the future. Any projections are for information only and does not guarantee a result.

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