Platinum Trading forecasts and signals

USD/CHF: Swiss Central Bank issues Quarterly Economic ReviewWith the strengthening of the US dollar, the USD/CHF currency pair is experiencing a correction, being at the level of 0.9026, and feels the influence of the latest decisions of the Swiss National Bank regarding monetary policy.In the latest quarterly report published by the bank, the main focus was on reducing the interest rate from 1.75% to 1.50% due to the stability of inflationary trends. Economic growth is expected to reach 1.0% in 2024, which corresponds to the current soft direction of monetary policy. Inflation fell to 1.2% in February at an annual level, well below the 2% target limit, and is expected to remain at a similar level throughout the year. The situation in the real estate market is putting pressure, which could potentially lead to a weakening of the Swiss franc in the foreseeable future.Resistance levels: 0.9070, 0.9210.Support levels: 0.8990, 0.8870.USD/CAD: GDP data showed economic growth in the USA and CanadaThe USD/CAD currency pair is at 1.3558, showing a recovery after a fall this week, when the lowest values since March 22 were reached. Market activity is slowing down as the Catholic Easter celebration approaches, leading to the closure of many trading platforms.Today, the US is expected to publish data on the price index of personal consumer spending, which is key for the Federal Reserve System in analyzing inflation and determining monetary policy. The index for February is projected to indicate moderate growth from 0.3% to 0.4% on a monthly basis and from 2.4% to 2.5% year-on-year, with an unchanged base level of 2.8%. Additionally, information on personal income and expenses of Americans for February will be published and a speech by Fed Chairman Jerome Powell will take place.Traders are also focused on the latest data on the GDP of Canada and the United States. The Canadian economy showed growth of 0.6% in January, exceeding forecasts and breaking away from a decline of 0.1% in the previous month. U.S. GDP for the fourth quarter of 2023 was adjusted upward from 3.2% to 3.4% on an annual basis.Resistance levels: 1.3550, 1.3580, 1.3613, 1.3650.Support levels: 1.3524, 1.3500, 1.3450, 1.3400.Platinum market analysisThe trend towards correction in metal prices remains, and this week platinum is holding above the 900.00 mark.A recent report by the World Platinum Investment Council (WPIC) highlighted the ongoing crisis in the industry. Analysts point out that due to low selling prices, platinum production is expected to decrease by 3.0% in 2024, which will lead to a decrease in total production to 5.489 million ounces - the lowest since 2013. Currently, more than a third of mining companies are operating at a loss, with an average loss per ounce estimated at $148. The WPIC report also highlights that South Africa is losing its attractiveness for investment in the platinum sector, which could lead to a decrease in production in this region by 1.0%.Resistance levels: 920.00, 954.00.Support levels: 900.00, 870.00.Crude Oil market analysisPrices for North American WTI Crude Oil are in the process of a sideways correction, settling at 82.69 amid growing geopolitical tensions.The activity of the Houthis from Yemen, carrying out attacks on international vessels in the Gulf of Aden, continues to create problems for maritime transport through the Red Sea, which puts pressure on global oil supplies. A positive impetus for the growth of oil prices is provided by macroeconomic dynamics: China increased oil imports by 5.1%, reaching 88.31 million tons from January to February, while domestic production in the country increased by 2.9% to 35.11 million tons, and refining volumes increased by 3.0% to 118.76 million tons.In the United States, oil reserves are also stabilizing. According to the American Petroleum Institute (API), oil reserves increased by 9.337 million barrels this week compared with a previous decrease of 1.519 million barrels. A similar trend was confirmed by the Energy Information Administration of the U.S. Department of Energy (EIA), which reported an increase in inventories by 3.165 million barrels after a previous decrease of 1.952 million barrels.Resistance levels: 83.60, 87.00.Support levels: 81.40, ...

EUR/GBP: euro is strengthening after a significant drop a day earlierThe EUR/GBP currency pair shows a slight rise, reaching 0.8537, recovering from a noticeable drop a day ago. The drop was caused by the publication of data from the United States confirming the persistence of inflation, which may affect the revision of the time frame for lowering interest rates in the last half of 2024. The February producer price index in the United States accelerated to 1.6% per annum, exceeding analysts' forecasts, and increased monthly by 0.6%, which is significantly higher than expectations. The core index, which excludes the cost of food and energy, also showed an increase of 2.0%, which contradicted the forecast of 1.9%.Meanwhile, in the UK, statistics on the RICS house price index were published, indicating a decrease of 10.0% in February, which is the best result since October last year. The demand index for new housing improved to 6.0. The construction sector is also showing signs of recovery, with an annual growth of 0.7% and a monthly increase of 1.1%. Despite the positive signals from the housing market, uncertainty about the future steps of the Bank of England may limit demand and contribute to a return to a declining trend.Resistance levels: 0.8546, 0.8562, 0.8577, 0.8591.Support levels: 0.8530, 0.8519, 0.8500, 0.8479.NZD/USD: New Zealand currency deepens the decline, reaching the minimum values in MarchThe NZD/USD currency pair continues to fall, activating the "bearish" trend this week and reaching new lows for March. The indicator enters the critical support zone at 0.6100, while positive economic data from New Zealand does not resonate with investors. In particular, the country's manufacturing activity index for February exceeded expectations, rising from 47.5 to 49.3 points.At the same time, rising manufacturing inflation in the United States is putting additional pressure on the New Zealand dollar. The latest report showed an acceleration in the producer price index in the United States from 0.3% to 0.6% in February, significantly exceeding analysts' forecasts. This has increased doubts about the Federal Reserve's interest rate cut in June, although this outcome remains the preferred scenario in the market.Resistance levels: 0.6130, 0.6158, 0.6183, 0.6200.Support levels: 0.6100, 0.6076, 0.6049, 0.6030.Platinum market analysisThis week, the correction trend continued its influence on the platinum position, bringing the quotes back to the value of 930.00 dollars per ounce.The market situation remains stable: the significant platinum deficit recorded last year, which reached a record 878,000 ounces according to the World Platinum Council (WPIC), is expected to decrease to 418,000 ounces next year, which still exceeds previous forecasts of 353,000 ounces. In the previous year, the total supply of the metal decreased by 2%, and this trend is expected to intensify with a further 1% year-on-year decline, leading to a 6% decrease in total supply over the past five years.Although market estimates seem neutral, the key technical aspect remains significant: the price of palladium exceeded the cost of platinum for eight years, but in February of this year the trend changed, and the difference between the metals temporarily amounted to -47 dollars. Now the price gap has widened again, and the difference between palladium and platinum has again exceeded $ 140. This significant change in profitability over a short period draws investors' attention to such a conservative investment strategy.Resistance levels: 942.00, 989.00.Support levels: 915.00, 876.00.Crude Oil market analysisIn the Asian trading session, the price of WTI crude oil shows uncertainty, hovering around the level of $ 80.60 per barrel, after reaching its highest levels since the beginning of November over the past two days.A significant decrease in the volume of fuel reserves in the United States became a catalyst for growth: fresh statistics from the American Petroleum Institute showed a decrease of 5.521 million barrels per week, exceeding analysts' expectations. These data are confirmed by a report from the Energy Information Administration, which also indicates a decrease in reserves. An additional positive boost was received from OPEC, which approved forecasts for oil demand growth, which reduces concerns about a slowdown in the global economy.Investors today will focus on American industrial production and consumer expectations from the University of Michigan. In the evening, Baker Hughes is expected to report on the number of operating oil platforms in the United States, which may provide new clues about the future direction of oil prices.Resistance levels: 81.00, 82.00, 82.86, 84.27.Support levels: 80.00, 79.07, 78.00, ...

EUR/GBP: "bulls" managed to seize the initiative in the pairThe EUR/GBP currency pair is showing weak gains, correcting around 0.8632 after a significant bearish move that resulted in the lowest levels since September 18.Investors' focus is now on the expected economic data from the UK. S&P Global's manufacturing business activity index is expected to be released today. Forecasts predict a slight decline in the index from 46.7 to 46.6 points. This report is closely analyzed by traders, as purchasing managers often have priority access to information about the activities of their companies, which can serve as an indicator of the overall health of the country's economy. Also released today was the Nationwide Building Society's house price trend data showing changes in average UK house prices, with the monthly figure falling from 0.9% to 0.2% and the annual figure improving from -3.3% to -2.0%, a key indicator for the UK property market.Resistance levels: 0.8634, 0.8656, 0.8669, 0.8686.Support levels: 0.8611, 0.8583, 0.8555, 0.8521.USD/CAD: 92% of participants of the Bank of Canada survey against CBDCDuring the Asian trading session, the USD/CAD currency pair shows a significant decline, testing the level of 1.3535 and updating the lowest values since September 29.The latest Canadian Gross Domestic Product (GDP) data for September indicated an increase of 0.1%, which exceeded the previous month's zero result and related forecasts. However, on a quarterly basis, GDP fell 0.3% following the previous increase and declined -1.1% on an annualized basis, down from the previous reading of 1.4%. Meanwhile, a Bank of Canada survey found that the majority of Canadians (92%, about 90,000 people) are not ready to replace fiat money and bank cards with a digital version of the national currency. Experts note that the majority of respondents are aware of the technology and basic principles of CBDC, but express concerns about the use of personal data and transaction history, as well as distrust in the regulator on the security of such technologies.Resistance levels: 1.3550, 1.3600, 1.3650, 1.3700.Support levels: 1.3500, 1.3450, 1.3400, 1.3350.AUD/USD: currency pair is stabilizing around the level of 0.6600AUD/USD currency pair is experiencing mixed fluctuations, stabilizing around 0.6600. By the end of the week, the pair shows modest growth, having lost its early bullish momentum after the release of GDP and Personal Consumption Expenditures data in the US. As a reminder, the US economy grew by 5.2% in the third quarter, beating forecasts of 5.0% and the previous figure of 4.9%. The core personal consumption price index, used by the Fed to monitor inflation, fell in October to 3.5% annualized and 0.2% monthly from 3.7% and 0.3%, respectively.The Organization for Economic Cooperation and Development (OECD) released an updated global economic outlook, suggesting that the Reserve Bank of Australia (RBA) has ended its cycle of interest rate increases. OECD experts believe the rate will remain high until inflation reaches the 2.0% target, anticipating a 75 basis point decline from the third quarter of 2024 to the end of 2025. These forecasts are in line with the International Monetary Fund (IMF), which expects the world's major economies to avoid recession, even as borrowing costs accelerate to control inflation.Resistance levels: 0.6630, 0.6675, 0.6700, 0.6750.Support levels: 0.6588, 0.6550, 0.6500, 0.6450.Platinum priceQuotes of the precious metal are following the global corrective trend and reached the level of 940.00 again this week.There is a notable deficit in the platinum market due to high mining costs and production instability in South Africa. At the end of the previous month, the World Platinum Council released its third quarter report indicating a projected annual deficit of over 1.0 million ounces and a 3.0% decline in total volume over the past 10 months. During the same period, platinum demand increased 26.0% year-on-year. Experts note that supplies from South Africa, where more than 70.0% of platinum comes from, remain volatile and frequent power cuts in the region continue to cause production problems.Resistance levels: 942.00, 986.00.Support levels: 910.00, ...

The growth of Silver over the past year has 18 times exceeded the rate of Gold price appreciation.Demand for Silver may rise to a six-year high this year amid increased industrial use of the precious metal and rising inflation.Over the past 12 months, Gold has risen by 4.3%, while prices have fallen by 6.5% since the beginning of this year. Silver has gained 78% in price over the year. This is the best indicator among precious metals (Palladium +60%, Platinum +59%).Since November, investors have been steadily reducing their investments in Gold ETFs (Exchange-Traded Funds). The volume of investments has fallen to about the same level as it was a year ago. However, in the case of silver, the situation is different: over the year, investments in Silver ETFs increased by a third.Global demand for Silver in 2021 will grow by 11% to 1.025 billion ounces, the Silver Institute predicts. The main driver of growth will be the improvement of the macroeconomic indicators of the world economy. Demand for physical Silver could rise to a six-year high of 257 million ounces.The company Heraeus Precious Metals recently published an analytical review, which notes that silver will show a better return in percentage terms this year than Gold.The rise in Silver prices will be supported by inflation and industrial demand, as the global economy gradually recovers from the effects of the spread of Covid-19. The precious metal is in demand in the electronics sector, as well as in the production of solar panels.In addition, precious metals are an excellent means of protecting your savings from inflation, especially during a crisis. In case of growing concerns about further acceleration of inflation, the demand for silver as a protective asset from investors will ...