• Platinum reversed from support area
• Likely to rise to resistance level 1250.00
Platinum recently reversed up from the support area lying between the key support level 1173.00 (low of the previous correction 4 from the end of April), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse wave from the start of November. The upward reversal from this support area stopped the previous intermediate ABC correction (2).
Given the predominant uptrend – Platinum can be expected to rise further in the active impulse wave (3) toward the next resistance level 1250.00 (which has been reversing the price from the strait of April – top of the previous waves 3, (b), a, c and B).