Platinum recovery faces resistance

Source: Dukascopy Bank SA


The decline of the price for platinum has been guided by a descending trend line throughout March and into April. In early April, the commodity found enough support in the trend line and the 950.00 mark to start a recovery. By April 21, the price had encountered resistance in 1,025.00.

A decline of the commodity price is expected to look for support in the 940.60/950.00 zone. Further below, the 900.00 level might stop a decline, before the descending support line would be reached.

However, a surge of the price is set to encounter resistance in the 1,000.00 mark, the 1,025.00 level, the 50-day simple moving average near 1,030.00 and the mid-March high level zone at 1,043.70/1,050.00.
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