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Platinum setting up to retest the Feb low?

jeffriess
March 12, 2020
by Joseph Jeffriess, Market Analyst

Sellers resume this morning after last night’s failed rally.

Overnight Platinum failed to hold a 1.81% rally finishing the session 1.00% lower. Gold’s session also followed the same scrip.

This morning while Gold has seen demand Platinum has made further losses hitting -0.48% to today’s low. Currently, price has pulled back from lows and 862.60 is presenting at short-term range support.

What we’re watching, price remains in a fast trend after a yesterday’s failed rally. New LHs continue after price broke the main uptrend. While the fast trend remains in play we are looking for sellers to continue momentum with a possible new test of the February low.

If the current short-term support can hold and we see a break of the fast trend buyers could be setting up a new HL which could develop into a new short-term counter-trend.

It’s up to sellers prove they hold control by breaking the current short-term support.

Good trading from Eightcap.
All times are AEDT.