The platinum is moving, but will the rally wake up the other precious metals

Unlike other precious metals, platinum began its early rally in mid-October. The price is creeping aside within a month and above the trend line. The formed CCI divergence was the first hint that there might be a breakthrough. It happened with a pretty strong upward movement on 23/10/2019. Going above the range, the movement triggered additional purchases.

The ultra-expensive palladium appears to be returning producers to platinum again. At this point we have a break of 38.2 Fibo and a break of several diagonals. We have a previous pin bar closure that may become invalid if the day bar closes above the previous high with a body. From this point of view, we think that the price will continue its movement to the zone at 927.6, and subsequently to the zone at 23.6 Fibonacci.

Alternatively, as demand and the overall picture of precious metals deteriorate from a fundamental point of view, the price will be expected to reverse downward and we will have to wait for additional price action to confirm that the bears regain control. On the downside, the area at 50 Fibonacci is the first resistance, then the area at 884.8 before the trend line is threatened again.

Given that precious metals move in some correlation, we would expect others to move as well as gold, silver and nickel.