| The World Platinum Investment Council forecasts that China will soon commence mass production of fuel cell electric cars, which is positive for the price of the white metal. Fuel cell electric cars (FCEVs) offer the zero-emission mobility that the world so sorely needs to help battle catastrophic climate change. China is set to become a dominant market for platinum-using fuel cell electric vehicles (FCEVs), which provide the zero-emission mobility. The following platinum futures technical analysis suggests that the precious metal may be positioning itself for a potential upward breakout. This comes after a stretch of time in which the US dollar was quite strong, and worries of inflation, both of which may have led to some significant losses for platinum so far in this year. According to the daily price chart for platinum futures, the precious metal has just broken out of an important bull flag and seems to be climbing higher in the near future to test the upper band of yet another. The daily volume lends more credence to the bullish tendency in the market. The technical analysis performed on the platinum market using the Pl1 futures contract provides insights for where bulls might target possible retracements to join the ride. We ask that you do your own research since ForexLive.com does not provide financial advice but rather comments and viewpoints based on technical analysis. For more information, please visit https://www.forexlive.com/technical-analysis. |
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