• Platinum reversed from resistance area
• Further losses are likely
Platinum today reversed down from the resistance area lying between the pivotal resistance level 877.00 (former powerful support level which reversed the price in December and May, acting as resistance after it was broken recently) and 38.2% Fibonacci correction of the earlier downward impulse from last week .
The downward reversal from this resistance area is aligned with the active short-term impulse wave 3 which is a part of the extended impulse wave (C) from last year.
Platinum is likely to fall further and re-test the next support level 860.00 (which reversed the price with the Bullish Engulfing earlier this month).