Platinum Trading forecasts and signals

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 ...