Platinum (PL) Has Resumed LowerAugust 30, 2022ByEWFHendraIn Jackson Hole speech last Friday, Fed’s governor Jerome Powell indicated that the Fed is serious in fighting inflation and will not pivot early. He also suggested that further hikes are likely as inflation rate continues to be elevated. The pace of change in inflation has started to slow down after a series of hikes this year. US Dollar responded by rallying, dragging down commodities such as Platinum. In the charts below, we will look at the Elliott Wave technical outlook for the metal.Platinum Monthly Elliott Wave ChartPlatinum Monthly Elliott Wave ChartMonthly chart shows that Platinum has ended larger degree Grand Super Cycle wave ((II)) at $846.2. The metal has resumed higher in wave ((III)) and wave (I) of ((III)) ended at $1

Platinum (PL) May Still See Further DownsideAugust 9, 2022ByEWFHendraThe Fed has raised interest rates four times this year to fight inflation. They hiked by 0.25 basis point in March, the first hike in more than three years. Then they hiked further 50 basis point in May, 0.75% in June, and another 0.75% in July. This takes the current benchmark rate to 2.25 – 2.5%. Fed Chair Jerome Powell then left the door open about the next move at September meeting, suggesting that it depends on the data.“As the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases while we assess how our cumulative policy adjustments are affecting the economy and inflation,” Powell said. Risk appetite starts to come back to the market with speculation that the Fed