XPTUSD - WEEKLY - FIBONACCI RETRACEMENT
Platinum gives up half of gains since 2008.
A Forex trading technical analysis video showing this week's dip to a new low for the year ($1321) after closing on a weekly basis below important long term support at $1385. This means spot Platinum has given up half of the gains seen since the rally started in 2008 (after a dramatic collapse from a high at $2290 eight months earlier). As we expect the ratio to gold to drop from this year's high at 1.08 to parity, we feel there is a chance that the drop that started in February will continue on down to $1285 where spot Gold currently trades.
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