Market Snapshots

Platinum Wave Analysis – 06 February, 2019

  • Platinum reversed from resistance area
  • Further losses are likely

Platinum recently reversed down from the resistance area lying between the key resistance level 834.5 (which stopped the previous upward correction (2) in January), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse (1) from November.

The downward reversal from this resistance area started the active short-term impulse wave 3 of the medium-term impulse wave (3) from the start of January.

Platinum is expected to fall further and re-test the next round support level 800.00.

Source: FxPro

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