Platinum Wave Analysis – 25 May, 2021
May 25, 2021 @ 18:01 +03:00
• 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)).