Platinum could dive as far as the $924/$914 area – Commerzbank
|Platinum has taken a knock, neutralizing Commerzbank’s medium-term forecasts for the time being. The recent drop through the 200-day moving average at $1088.08, opens the way for a test of the January low at $1007.42 this week.
Bearish bias while below $1180
“Platinum so far slid to its current June low at $1019.02, to below the 200-day moving average at $1088.08, making us neutralize our medium-term outlook.”
“This week the January low at $1007.42 may well be hit, a slip through which would engage the September high and December 21 low at $990.23/$977.13. Further down sits the September 1 high at $967.49 and the early and late October highs and late November low at $924.50/$914.69.”
“Resistance above the 200-day moving average at $1088.08 and the March trough at $1107.02 can be seen at the $1159.50 January high.”
“While the contract remains below the last reaction high at $1180.01, made on June 14, overall downside pressure should prevail.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.