Platinum reached a peak of 1343.60 on Tuesday and is selling off sharply. The metal is likely to see some consolidation around the 200-month moving average at 1212, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, briefs.
“Platinum is now selling off and the 200-month ma at 1212 and August 2016 high at 1199.51 is likely to offer some support ahead of more important support at 1096/97, the 55-day ma and three-month uptrend.
“While above the 55-day ma, we will assume an upside bias to re-try the topside.”
We have a support line at 1080 and the 55-day ma at 1071. This guards the August 2020 high at 1013.60.”
“Above 1243 lies the 50% retracement at 1250 and the 1288.63 June 2013 low. The 61.8% retracement is not encountered until 1409.”