Technical analysis

Platinum broke key resistance area

  • Platinum broke key resistance area
  • Further gains are likely

Platinum recently broke through the key resistance area lying between the pivotal resistance level 840.00 (which has been reversing the price from August), 50% Fibonacci correction of the earlier downward impulse from June and the resistance trendline of the daily up channel from August.

The breakout of this resistance area accelerated the active impulse wave C – which belongs to the medium-term ABC correction (2).

Platinum is expected to rise further and re-test the next resistance level 860.00 (target price for the completion of the active impulse wave (iii)).

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