Mubasher: Platinum is having a current corrective movement after breaking through the upward channel and reaching a historic peak at the $2,374.1 level, according to the recent analysis.
The Relative Strength Index (RSI) has shown that platinum has reached overbought areas, causing a temporary price decline.
In case of breaking through the historic peak, the price would target a new level at $2,516. However, if the price breaks below $2,122.8 with two consecutive candles without an intervening reversal candle to confirm the breakthrough, the correction may extend toward the resistance level at $1,978.80 and $1,970.
The positive outlook remains as long as trading continues above the main support level around $1,978.80 and $1,970 in line with considering any correction toward this area as an opportunity to build new buying positions, subject to the emergence of a positive price action reflecting the return of buying power.
Important Note: This analysis relies solely on the foundations and tools of technical analysis and reflects a purely analytical perspective that may vary depending on the methods of interpretation and estimation. What is stated in this report should not be considered a direct recommendation to buy or sell, or an invitation to make any investment decisions; it is for monitoring and study purposes only. Investment decisions are the sole responsibility of the investor based on their financial situation and personal goals.
