• Platinum broke long-term support level 880.00
• Further losses are likely
Platinum today broke below the major, long-term support level 880.00 (which reversed the previous sharp downward impulse waves 1 and (i) in December and in May respectively). The price earlier reversed down from the resistance trendline of the daily down channel from January – which created the daily reversal pattern Shooting Star.
The breakout of the support level 880.00 accelerated the active short-term downward impulse wave (iii) from the end of May.
Platinum is likely to fall further and re-test the next support level 850.00. Powerful resistance now stands at aforementioned price level 880.00.