Platinum setting up to retest the Feb low?
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.