At New York Mercantile Exchange, platinum futures have started climbing up after hitting lows at $1530 levels in the beginning of this month but strong upward movement is unlikely as platinum’s demand not only comes from jewellery but from industrial sector as well.
On the positive side, decline in South African production on labour tensions augurs well for the precious metal but eurozone concerns, US cliff issues cloud automobile industry demand and hence the demand for auto catalysts.
“On technical charts, platinum January contract is approaching the 200-day moving average of $1576 but MACD is still in negative territory while an RSI of 46 does not suggest any bullish moves as yet,” according to Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online.
Near-term support for Platinum futures is seen at $1540, $1530, resistance is seen at $1600, $1620 levels, he added.
Meanwhile, relatively lower prices for Platinum compared to gold has prompted consumers to increase purchase of platinum jewellery this festive season, traders said.
According to US CFTC data for week ended November 6,managed money funds reduced their bullish bets on platinum by 4046 contracts as against a shortfall of 453 in short positions.
Near-term support for Platinum futures is seen at $1540, $1530, resistance is seen at $1600, $1620 levels, he added.
On the positive side, decline in South African production on labour tensions augurs well for the precious metal but eurozone concerns, US cliff issues cloud automobile industry demand and hence the demand for auto catalysts.
“On technical charts, platinum January contract is approaching the 200-day moving average of $1576 but MACD is still in negative territory while an RSI of 46 does not suggest any bullish moves as yet,” according to Sreekumar Raghavan, Chief Commodity Strategist at Commodity Online.
Near-term support for Platinum futures is seen at $1540, $1530, resistance is seen at $1600, $1620 levels, he added.
Meanwhile, relatively lower prices for Platinum compared to gold has prompted consumers to increase purchase of platinum jewellery this festive season, traders said.
According to US CFTC data for week ended November 6,managed money funds reduced their bullish bets on platinum by 4046 contracts as against a shortfall of 453 in short positions.
Near-term support for Platinum futures is seen at $1540, $1530, resistance is seen at $1600, $1620 levels, he added.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
By Sreekumar RaghavanWhich stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI