• Platinum broke pivotal resistance level 1130.00
• Likely to rise to resistance level 1200.00
Platinum recently broke through the pivotal resistance level 1130.00 (which has been reversing the price from the start of January) – intersecting with resistance trendline of the daily up channel from last April. The breakout of these resistance levels should accelerate the active impulse waves (iii) and 3 – which belong to the multi-month upward impulse sequence (3) from the end of September.
Given the prevailing uptrend and the risk improvement across the global markets on expectation of the massive stimulus in USA – Platinum is likely to rise further in the active impulse waves (iii) and 3 toward the next resistance level 1200.00.