Platinum has seen an aggressive setback. Nevertheless, the Credit Suisse analyst team still views this as a corrective decline.
Platinum to erase the long-term base below the $1010 mark
“Platinum has seen a pointy setback against our expectations to check a cluster of supports at $1045/10, including the ‘neckline’ to its long-term base and 38.2% retracement of its 2020/2021 rally. Our bias is to seem for a fresh floor here to take care of the long-term base for a withdraw to $1279.”
“Beyond $1279 should add weight to the uptrend with resistance seen at the $1340 high next before $1399 next, the 61.8% retracement of the whole 2011/2020 market and eventually up to $1520/30.”
“Below $1010 would suggest the long-term base has been neutralised with support then seen next at $952/47.”