Intermediate-term risks for Platinum are bearish

Intermediate

A plunge lower for Platinum, following the “risk off” moves seen across global asset classes in May, then a rebound effort in June, again alongside “risk on” moves seen elsewhere.

However, the technical damage inflicted by the May bear move leaves an intermediate-term bear theme intact, whilst below the 833.3/838.8, chart/ Fibonacci retracement resistances.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 788.3.

  • Lower targets would be 780.9/778.6, 755.7 and the 706/700 area
  • What Changes This? Above 833.3 shifts the outlook back to neutral; above 869.1 is needed for a bull theme.

Daily Platinum Chart

platinum chart

Steve Miley

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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