Platinum Technical Analysis Report 03 December, 2020

  • Platinum approached resistance level 1035.00
  • Likely to rise to 1050.00

Platinum has been rising sharply in the last few trading session inside the minor upward impulse wave 5 – which belongs to the medium-term upward impulse wave (C) from the end of September. The price is currently trading close to the powerful resistance level 1035.00 (which stopped the previous medium-term upward impulse wave (A) at the start for August, as can be seen form the daily Platinum chart below).

Given the strong uptrend that can be seen on the daily Platinum charts and the continued risk-on sentiment seen across the commodity markets today  – Platinum is expected to rise further toward the next major resistance level 1050.00 (former multi-month high from January and the target price for the completion of the active minor impulse wave (C)).

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