• Platinum reversed from resistance area
• Likely to fall to support level 1185.00

Platinum recently reversed down with the daily Japanese candlesticks reversal pattern Bearish Engulfing from the resistance area lying between the strong resistance level 1235.00 (which has been reversing the price from the middle of March), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward ABC correction from the middle of February.

Given the deterioration of the risk sentiment globally and the strength of the nearby resistance level 1235.00 – Platinum can be expected to correct down further toward the next support level 1185.00 (low of the previous minor correction 2).