• Platinum reversed from support area
• Likely to rise to resistance level 1112.00
Platinum recently reversed up from the support area lying between the key support level 1015.00 (former monthly low from January), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from the start of November. The upward reversal from this support area stopped the previous minor impulse wave 5 – which belongs to the sharp downward impulse wave (C) from the start of May.
Given the improvement in risk sentiment as seen across the commodities markets today – Platinum can be expected to rise further toward the next resistance level 1112.00 (former multi-month low from the start of March).