Technical analysis

Platinum Wave Analysis – 25 May, 2021

• Platinum reversed from support level 1173.00

• Likely to rise to resistance level 1275.00

Platinum recently reversed up from the support level 1173.00 (former low of wave 4 from April) – standing near the lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from December.

The upward reversal from the support level 1173.00 started the active intermediate impulse wave (3).

Given the multi-month uptrend – Platinum can be expected to rise further toward the next resistance level 1275.00 (top of the previous impulse wave (1)).

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