Price Recovering And Eying the Yearly PP at 1300

FX:XPTUSD   Platinum/U.S. Dollar
16 0 0
Median line has held support and price has consolidated since oct             2014, but last weeks
PA may signal a retracement and test of the Yearly PP around 1300, which is also horizontal
resistance/Monthly R2. The sharp move from the reaction point at the top of the pithfork in
july 2014, may suggest at least a test of the Yearly S1 around
1080. Price is in a downtrend from 2011 and is trading well below the 200 SMA , why selling
bounces is the favoured strategy, were 1300 will give an excellent opportunity, if that level is reached.
However, a return back down (after failing to create a new 11 week high on Daily timeframe last week)
and breaching of Monthly PP at 1211 may expose current lows and a possible trend continuation.
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