• Platinum reversed from resistance zone
• Likely to fall further
Platinum recently reversed down from the resistance zone lying between the key resistance level 860.00 (former strong support from June) and the 50% Fibonacci correction of the previous downward impulse from the middle of June.
The downward reversal from this resistance zone started the active minor impulse wave (v) of the medium-term impulse wave 3 from the end of January.
Platinum is likely to fall further and re-test the next support level 820.00 – the breakout of which can lead to further losses toward the next strong support at 800.00.