Platinum Wave Analysis – 16 March, 2020
March 16, 2020 @ 17:23 +03:00
- Platinum under bearish pressure
- Likely to fall to 600.00
Platinum under bearish pressure after the earlier breakout of the powerful long-term support level 790.00 (which reversed the price sharply in May and June of 2019).
The breakout of the support level 790.00 follows the earlier breakout of the wide daily up channel from June.
Given the strength of the active downward impulse wave Platinum is likely to fall further toward the next support level 600.00 – from where the price is likely to correct up.