• Platinum reversed from support area
• Likely to rise to resistance level 1100.00
Platinum recently reversed up from the support area lying between the multi-month support level 1042.8 (which has been reversing the price from the start of this year), lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse from last November. The upward reversal from this support area stopped the previous short-term impulse wave 3 of the intermediate downward impulse sequence (C) from the middle of last month.
Given the prevailing uptrend that can be seen on the daily charts, Platinum can be expected to rise further toward the next resistance level 1100.00 (top of the previous minor correction 2 from the end of July).