Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Platinum has had a bullish few sessions bouncing off the recent lows of $951.50/oz. The price is now heading toward the psychological $1000/oz area but there has been a lot of congestion in that area in the past. Ahead of that zone, the stronger level stands at the red shaded area ($1040/oz). Looking closer at the daily chart this does seem like a good area of support as the price seems to have stopped on the downside at the trendline which was broken back in February.
On the downside, there is a strong support and consolidation low at the orange shaded area close to $920/oz. The price has bounced off the area twice but even further back in chart, the price was used a few times as both support and resistance. Elsewhere a break of the previous wave low could indicate that the price might be heading lower. For now, the trend is still down and the price is making lower highs and lower lows. Only a break of the red resistance zone would indicate a change in fortune for the precious metal.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
