Platinum shows one of the deadliest boring sideways trends. Meanwhile caught and swinging in a slightly falling channel for 20 months which is ranging about 150$. The current channel downleg is set to end likely at a major low within next few trading weeks and begin a new channel upleg which will likely result in price testing back the round 1000$.
1000$ will be first resistance where price is expected to consolidate for some weeks before possible advancing further into a 2018 GUNNER24 Uptarget which is 1140$/November:
The very last really important GUNNER24 Buy Signal for platinum in the monthly scale was fired very early 2016, the last notable bearish signal occured in the second half of 2016 after the important # 8 lower 2016 countertrend high that has tested back the "round" 1200$ Gann resistance number and monthly GUNNER24 First Square line resistance in a negative way.
==> The most recent developments point to the outcome platinum has a sharp 100$ rally ahead. The very last confirmation for this upcoming advance is still missing, that`s why the best tactic currently seems to be to place selected buy-stops above the current price.
The above presented currently only valid GUNNER24 Platinum up setup in the monthly time frame starts measuring at the # 1 // January 2016 Bear Market Low but is not correctly adjusted upwards, this helps to deduce the most relevant resistance which is the circular Blue Arc as pictured within chart above.
==> This chart shows a beautiful price harmony between the # 8-final high of the year 2016 and ALL the month highs reached so far this year.
One can quickly see that # 8-2016 High at 1200$ is equal to the first square line resistance, which is always in direct mathematical connection to the circular Blue Arc. And since the 1200$-first square line means annual resistance, the received January + February + March + April + May 2018 highs are definitely also caused by very strong and falling resistance existing in the yearly time frame = Blue Arc.
Every 5 months highs of 2018 have tested falling Blue Arc from below to the T, thus have been influenced by a falling resistance acting in the annual time frame.
==> Cause the rising Support Angle out of 2016 Bear Market Low supported at final 2017 Low (December/872.40$) and again at second test at the current 2018 Low, that has arrived at this week 893.10$, metal looks like a next major low has finally arrived at channel support, resp. like a major low is about to be put in here soon! ... caused by the rising Support Angle, which is a rising support rail in the yearly time frame because the final low of the last trading year was enforced by him.
Well, it can now be easily imagined what should happen if this incredible strong yearly Blue Arc resistance is taken upwards: In this case a severe - a massive short-covering - rally should follow which should chase the metal within just a few trading weeks into the backtest of the 1*2 Angle.
Depending on when the short-covering rally will begin, a +100$ upcycle is very likely until the uptrend out of yearly Blue Arc resistance will test the 1*2 Angle and the important round 1000$ double resistance magnet. I doubt that the metal can sprint much higher than the 1*2 Angle/1000$ within a short-covering rally since this angle represents the next higher yearly resistance above the yearly Blue Arc resistance. But that`s something for the recently enslaved precious metal bulls...
The Blue Arc is confirmed and currently downwards squeezing 2-year resistance, thus a stubborn one. Thats why their final overcoming on monthly closing base either with the May and or June close should release sustained upwards forces which could certainly last until the end of the year!
==> Thats why a monthly uptrend starting with the imminent Blue Arc skipment should at least test the upper line of 1st double arc uptarget in trend direction until the end of 2018. Perhaps then working off the lower line of 1st double arc upmagnet near the 1150$. Most attracting upmagnet resistance for the end of the year is the Resistance Angle intersecting the lower line of 1st double arc at round about 1140$ for the November 2018 candle:
==> Imminent uptarget at 1000$!
==> 11/2018 uptarget at 1140$!
These GUNNER24 Uptargets will be finally activated as soon as:
... the white metal delivers the very first weekly close above Blue Arc existing within weekly 6 Candle that starts measuring at # 1 // December 2017 Low = final 2017 Low!
Check it: Circular Blue Arc above is THE responsible resistance for the achieved highs of this year. Blue Arc is dominating week high as week closing base resistance. The very first weekly close above the Blue Arc fires a new strong uptrend/ short-covering rally in the weekly as in the monthly time frame. Plus, the imminent test of the combined 1000$ resistance upmagnet existing in the yearly time frame! And at same time the next test of the falling multi-year dark-red dotted channel resistance.
This week low = current 2018 Low is made at naturally anchorable Support Angle out of 2017 Low and at yearly Support Angle, thus metal could have bottomed finally into its next major low. But Blue Arc placement above signals that the metal might be forbidden to go off till last trading week in May! Only then the falling Blue Arc yearly resistance trail is phasing out according time. So, the time factor still allows lower 2018 lows, even the next test of falling multi-year dark-green dotted channel support!
==> I think the safest way to trade the potential 100$-rally is using a buy stop based on weekly closing base placed above the Blue Arc. Therefore, a first weekly close above the Blue Arc offers itself quite logically. Less risky traders should wait for two consecutive weekly closings above the Blue Arc!
Just a brief announcement: because of Father`s Day and following Pentecost Weekend, I’ll take a couple of days off. Thus, the next issue of the free GUNNER24 Forecasts will come out again on 05/27/2018.
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Enjoy and be prepared!