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Platinum Wave Analysis – 01 February, 2019

  • Platinum resumed sharp uptrend
  • Further gains are likely

Platinum recently reversed up with the daily Bullish Engulfing from the support area lying between the support level 1275.00, support trendline of the accelerated daily up channel from August and the 38.2% Fibonacci correction of the previous upward impulse from November.

The upward reversal from the aforementioned support area started the active short-term impulse wave 3 – which belongs to the impulse (5) from December.

Platinum is expected to rise further and re-test the next resistance level 1400.00 (top of the previous impulse wave 1).

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Source: FxPro


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