Platinum (XPT/USD) is in new highs for the year at 1086.37. According to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the precious netal may see some near-term consolidation below the long-term Fibonacci resistance at 1092.
Key quotes
“The market has maintained upside pressure and has charted new highs for the year at 1086.37. It has eroded the January 2020 and February 2017 highs at 1046.03/1050.51 and in doing so targets the 1199.51 2016 high and the 1208.53 200-month ma.
“Please note that the 28.2% retracement of the entire move down from 2011 lies at 1092 and we may see some consolidation here ahead of further gains.”
“We will maintain a positive view while above the 825.12 September low. Initial support is the 915.19 55-day ma.”
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