Platinum Wave Analysis – 20 August, 2020

• Platinum broke support area

• Likely to fall to 900.00

Platinum recently broke the support area located between the support level 931.00 (low of the previous Morning Star) and the 50% Fibonacci correction of the upward impulse from July.

The breakout of this support area is likely to extend the bearish pressure on Platinum in the coming trading sessions.

Platinum is likely to fall further toward the next round support level 900.00 (low of the previous wave (4), intersecting with the support trendline of the daily up channel from March).