According to my technical analysis, platinum (XPTUSD) is currently forming a falling wedge on the Daily timeframe. There is also a weekly Fibonacci structure supporting this scenario.
Most likely, price may still move lower toward the 1.2 Fib level, where a bounce could happen. If bearish momentum continues, the next area to watch is the 1.6 Fib level, which could also become a potential reversal zone.
🎯 Long-term target after reversal:
• 2993
For now, I’m monitoring the situation closely, as the structure looks quite similar to what we are currently seeing on gold and silver.
More details on the chart.
Good luck and trade safe! 🍀
⚠️ This is only my technical analysis — always do your own research and follow your own strategy.
❤️ If this analysis helps your trading day, please support it with a like or comment
Most likely, price may still move lower toward the 1.2 Fib level, where a bounce could happen. If bearish momentum continues, the next area to watch is the 1.6 Fib level, which could also become a potential reversal zone.
🎯 Long-term target after reversal:
• 2993
For now, I’m monitoring the situation closely, as the structure looks quite similar to what we are currently seeing on gold and silver.
More details on the chart.
Good luck and trade safe! 🍀
⚠️ This is only my technical analysis — always do your own research and follow your own strategy.
❤️ If this analysis helps your trading day, please support it with a like or comment
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.