• Platinum reversed from resistance zone
• Likely to fall to support level 975.00
Platinum recently reversed down from the resistance zone lying between the key resistance level 1050.00 (which has been reversing the price from the middle of December, as can be seen from the daily Platinum chart below), upper daily Bollinger Band and the resistance trendline from the start of May. The downward reversal from the resistance level 1050.00 stopped the previous intermediate ABC correction (2).
Given the strength of the active downtrend and the bearish sentiment seen across the precious metal markets today – Platinum can be expected to fall further toward the next support level 975.00 (which has been reversing the price from December).