{"id":13710,"date":"2010-10-06T09:15:36","date_gmt":"2010-10-06T13:15:36","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=13710"},"modified":"2010-10-06T09:15:36","modified_gmt":"2010-10-06T13:15:36","slug":"platinum-may-be-set-for-a-bearish-correction","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/10\/06\/platinum-may-be-set-for-a-bearish-correction\/","title":{"rendered":"Platinum May be Set for a Bearish Correction"},"content":{"rendered":"<p><strong>By Dan Eduard <\/strong>&#8211; Platinum has seen substantial gains in the last few weeks, as the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/10\/04\/dollar-looks-to-continue-its-downward-trend-versus-euro-and-pound\/\">declining US dollar <\/a>has  increased demand for alternative investments like precious metals. With  significant fundamental news on the horizon, technical indicators are  now showing that the commodity may finally be in overbought territory,  meaning a downward correction is likely to take place.<\/p>\n<p>We will be examining the daily chart for  platinum, provided by Forexyard.  The technical indicators we are using  are the Stochastic Slow, Relative Strength Index and Williams Percent  Range.<\/p>\n<p>1. The <a href=\"http:\/\/www.forexyard.com\/en\/stochastic\">Stochastic Slow<\/a> shows a bearish cross has formed above the upper resistance line.  This  is typically seen as an indication that downward pressure exists, and  that a correction may take place.<\/p>\n<p>2. This theory is supported by the <a href=\"http:\/\/www.forexyard.com\/en\/relative-strength-index-rsi\">Relative Strength Index<\/a>,  which is currently right around 75.  Anything above 70 is usually taken  as a sign that the instrument is overbought, and that downward pressure  is likely to take place.<\/p>\n<p>3. Finally, the Williams Percent Range is currently well above the  -20 level, which is widely considered to be the border between being  overbought and neutral territory.  Traders can take this as a clear sign  that platinum prices will drop in the near future.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/10\/chart-6.10.bmp\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2010\/10\/chart-6.10.bmp\" alt=\"\" width=\"566\" height=\"492\" \/><\/a><\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                          may     not    be          suitable     for     all                      investors.            There       is   a                                     possibility              that                  you         could                   sustain a    loss          of   all       of            your                                investment  and                             therefore    you                    should      not                invest                money      that        you                      cannot             afford to                    lose.   You                    should        be            aware       of              all        the          risks                        associated          with               Foreign               Exchange                      trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Dan Eduard &#8211; Platinum has seen substantial gains in the last few weeks, as the declining US dollar has increased demand for alternative investments like precious metals. With significant fundamental news on the horizon, technical indicators are now showing that the commodity may finally be in overbought territory, meaning a downward correction is likely &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/10\/06\/platinum-may-be-set-for-a-bearish-correction\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Platinum May be Set for a Bearish Correction&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13710","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=13710"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/13710\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=13710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=13710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=13710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}