Platinum still above the moving average – Analysis – 31/7/2014

Platinum price formed sideways bias to keep its stability above the moving average 55, which supports the positive attempts for the upcoming period, while in case gaining new positive momentum, that will support extending the trading in the upcoming period towards 1515.00 followed by 1540.00, that represents the medium term target.

On the other hand, breaking the moving average will cancel the positive overview temporarily until declining towards the main support for the bullish channel that will allow it to gain the required momentum for the upcoming period followed by turning back to form new positive waves.

Expected trading range is between: 1460.00 and 1515.00

Expected trend for today: Bullish