• Platinum reversed from resistance area
• Likely to fall to support level 967.5
Platinum recently reversed down from the resistance area located between the key resistance level 1027.00 (former monthly support from June, which stopped the previous sharp downward impulse wave (5) in June) and the 38.2% Fibonacci correction of the previous sharp downward impulse wave (1) from the middle of July. The downward reversal from this resistance area stopped the earlier intermediate correction (2).
Given the strength of the aforementioned resistance area – Platinum can be expected to fall further toward the next support level 967.5 (which stopped the previous intermediate impulse wave (1) with the daily Morning Star at the start of August).