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.”