Categories: Technical analysis

Platinum Wave Analysis – 08 November, 2019

  • Platinum broke support level 900.00
  • Likely to fall to 880.00

Platinum recently broke the support zone lying between the round support level 900.00 (former resistance from October) and the 50% Fibonacci correction of the previous upward impulse from October.

The breakout of this support zone accelerated the active medium-term ABC correction (2)

Platinum is expected to fall further and retest the next key support level 880.00 (low of the earlier correction 2 and the target price for the completion of wave (2)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: PTUUSD

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