Platinum has taken a massive hit since the end of October dropping almost 20% in value over a couple of weeks, I am now waiting for a pullback which I think may provide some great value. The macro trend is bearish and the daily reaffirms this view. I'll be watching for a pullback to $900 near the previous swing low and round # support which may turn into resistance. Of course, I always wait for deceleration into these types of levels. If $900 does not hold, the next level of interest is $950, which coincides with previous market structure support, the 61.8% retracement of the last swing, and a retest of the descending trendline. Until then, will sit on my hands with this asset and wait for a setup to present itself.
Trade active:
We got the retrace into the previous support turned resistance and got tagged in at $892, price has since rolled and is looking to retest lows, first target is wash to $800