• Platinum broke daily Triangle
• Likely to reach resistance level 1235.00
Platinum continues to rise after the price earlier broke the resistance trendline of the well-formed daily Triangle from the start of February. The breakout of this Triangle accelerated the active intermediate ABC correction (2) from the end of March – which then broke the resistance level 1200.00.
Given the prevailing uptrend and the improved sentiment across the commodities markets today – Platinum is likely to rise further toward the next resistance level 1235.00 (former monthly high from March, which stopped earlier waves (A) and (C) and the target for the completion of the active intermediate ABC correction (2)).