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