• Platinum broke resistance area
• Likely to rise to resistance level 1250.00
Platinum continues to rise strongly after breaking through the powerful resistance area lying between the key resistance level 1141.00 (which has been reversing the price from the start of January) and resistance trendline of the wide weekly up channel from last year. The breakout of this resistance area accelerated the active impulse waves (iii), 3 and (3).
Given the strong uptrend that can be seen on the daily Platinum charts and the improved sentiment across the global commodities markets – Platinum is expected to rise further toward the next resistance level 1250.00 (target price for the completion of the active impulse wave 3 – intersecting with the sharp daily up channel from the start of November).