Platinum, Gold, Crude oil price analysis roundup

The global stock markets have advanced this March, Wall Street’s three main indexes continue to trade in a bull market, but the world still needs to face COVID-19 challenges. There is still a long way to fight against the pandemic; still, investors hope that a fiscal stimulus and coronavirus vaccines will drive a robust economic recovery in the second half of 2021.

Platinum has seen a significant rise in price since the beginning of November 2020, while the renewed worries over a third pandemic wave indicate that this precious metal’s price could fall from the current price level.

Gold price extended its correction from its highs registered in the first week of January and continue to trade around $1700 support level. The dollar index has returned at levels from November 2020, and the US dollar’s strength is one of the reasons that is driving Gold lower.

Gold price is expected to continue to be pressured and could actually weaken even more this April if the dollar continues to strengthen. The crude oil price weakened from its highs in March and continues to trade below the $60 level this Wednesday. Crude oil slipped after two strong monthly gains, but it remains in the buy zone despite this.

“The oil market is still playing a guessing game today as to what supply policy OPEC+ will set out at tomorrow’s meeting, but the current price signals that traders expect a cautious approach from the alliance. All eyes are on OPEC – how much of accommodation are they going to give Russia and how much the Saudis are going to shoulder,” said Rystad Energy’s analyst Louise Dickson.

Platinum price remains in the bull market for now

Platinum price is advancing this Wednesday, but it cannot stabilize above $1200 resistance.

Data source: tradingview.com

Platinum price remains in the bull market, and as long the price is above $1000 support, there is no risk of the trend reversal. The current resistance levels are $1200, $1250, and $1300; $ 1100 and $1000 represent the critical support levels.

If the price jumps above $1250, it would be a signal to buy Platinum, and the next target could be around $1300. On the other side, if the price falls below $1100, it would be a firm “sell” signal, and we have the open way to $1000.

Gold price extended its correction from its highs registered in January

The price of Gold has weakened from $1959 below $1680 since the beginning of January, and the current price of this precious metal stands around $1708.

Data source: tradingview.com

The current resistance levels are $1800 and $1900; $1650 and $1600 represent the firm support levels. If the price jumps above $1800, it would be a signal to trade Gold, and we have the open way to $1850.

On the other side, if the price falls below $1650, it would be a firm “sell” signal, and we have the open way to $1600.

Crude oil price weakened from highs in March

Crude oil price weakened from its highs in March and continues to trade below the $60 level this Wednesday.

Data source: tradingview.com

If the price jumps above $65, it would be a signal to trade crude oil, but if the price falls below $55, it would be a strong “sell” signal, and we have the open way to $50.

Summary

Platinum price remains in the bull market; for now, Gold price extended its correction from the recent highs while crude oil continues to trade below the $60 level this Wednesday. There is still a long way to fight against the pandemic; still, investors hope that a fiscal stimulus and coronavirus vaccines will drive a robust economic recovery in the second half of 2021.

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