Platinum Wave Analysis – 21 January, 2020

• Platinum reversed from resistance area
• Likely to fall to 975.00

Platinum recently reversed down from the strong resistance area lying between the long-term resistance level 1025.00 (which has been reversing the price from the start of 2017), upper weekly Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from the middle of 2016.

The downward reversal from this resistance area stopped the previous weekly upward impulse wave C from the end of 2019.

Platinum is likely to fall further toward the next support level 975.00 (previous weekly low and the former pivotal resistance from last year).