Platinum Approaching Key Support
Versus the US dollar, Platinum is inching closer to a notable area of support after refreshing year-to-date highs of $1,095 last week.
Having seen price action pencil in a clear uptrend since February this year, a test of support between $987 and $1,002 could have dip-buyers make a show. The support area consists of two horizontal support levels around $990, one of which represents a failed Quasimodo resistance (turned possible support), a descending support line, extended from the high of $1,013, a 38.2% Fibonacci retracement ratio and a 50.0% retracement ratio at $997 as well as a 100% projection ratio coming in from $987.
Having seen price action pencil in a clear uptrend since February this year, a test of support between $987 and $1,002 could have dip-buyers make a show. The support area consists of two horizontal support levels around $990, one of which represents a failed Quasimodo resistance (turned possible support), a descending support line, extended from the high of $1,013, a 38.2% Fibonacci retracement ratio and a 50.0% retracement ratio at $997 as well as a 100% projection ratio coming in from $987.
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