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Platinum Wave Analysis – 25 January, 2019

  • Platinum reversed from support area
  • Further gains are likely

Platinum recently reversed up from the support area located between the key support level 785.00 (which has been reversing the price from December), lower daily Bollinger Band and the support trendline from August.

The upward reversal from this support area started the active short-term ABC corrective wave (ii) – which belongs to the impulse wave 3 from the start of January.

Platinum is expected to rise further and re-test the next resistance level 834.00 (top of the previous correction 2 and the target price for the completion of the active wave (ii)).

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Source: FxPro


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