• Platinum reached buy target 1200.00
• Likely to test resistance level 1300.00
Platinum continues to rise after the earlier breakout of the resistance area lying between the resistance level 1200.00 (former support from the middle of February, which was set as the buy target in our earlier forecast for this trading instrument) and the 38.2% Fibonacci correction of the previous downward ABC correction 4 form last month. The breakout of this resistance zone accelerated the active short-term impulse wave 5 – which belongs to the multi-month upward impulse sequence (C) from the end for September.
Given the prevailing uptrend that can be seen on the daily Platinum charts – Platinum can be expected to rise further toward the next resistance level 1300.00 (top of the (b)-wave from the middle of last month).