• Platinum reversed from resistance zone
• Likely to fall to support level 986.00
Platinum recently reversed down from the resistance zone lying between key resistance level 1026.00 (former support from June), upper daily Bollinger Band and the 38,2% Fibonacci correction of the downward price impulse from the start of July. The downward reversal from this resistance zone stopped the previous minor impulse wave C which belongs to the intermediate ABC correction (2) from the middle of August.
Given the deteriorating sentiment seen across the commodities markets today– Platinum can be expected to fall further toward the next support level 986.00 – the breakout of which can lead to further losses toward the next strong support level 950,00,.