Platinum Wave Analysis – 06 August, 2021

• Platinum under bearish pressure

• Likely to fall to support level 950.00

Platinum under the bearish pressure after earlier breaking the key support level 1023.2 (which has been reversing the price from January) and the 61.8% Fibonacci correction of the upward impulse from September.

The breakout of this support zone accelerated the active medium-term impulse wave (3).

Platinum can be expected to fall further toward the next support level 950.00 (previous monthly low from December).