• Platinum reversed from resistance zone
• Likely to fall to support level 1200.00
Platinum recently reversed down sharply from the resistance zone lying between the key resistance level 1255.00 (top of the previous impulse wave (i) from last month), 61.8% Fibonacci retracement of the downward correction from March and the upper daily Bollinger Band. The downward reversal from this resistance zone created the daily candlesticks reversal pattern Shooting Star – which stopped the previous impulse waves (iii), 3 and (3).
Given the strength of the aforementioned resistance zone and the deteriorating sentiment across the commodities markets today – after WHO issued an emergency report on Indian covid-19 strain – Platinum can be expected to fall further toward the next support level 1200.00 (former minor pivot from the end of April).