• Platinum under bearish pressure
• Likely to test the support level 1050.00
Platinum under bearish pressure after the price failed to break above the key resistance level 1130.00 (which stopped the price multiple times from the start of this year) strengthened by the nearby intersecting upper daily Bollinger Band and the upper resistance trendline of the wide weekly up channel from last April. The downward reversal from this resistance level 1130.00 signals further losses for this precious metal.
Given the worsening risk sentiment, bearish divergence on the daily Stochastic indicator and the strong resistance area surrounding the resistance level 1130.00 – Platinum can be expected to fall further toward the next support level 1050.00 (which reversed the previous correction (ii) at the start of January).