Platinum has been trading sideways in the $1,125-1,250 range since the beginning of March. Precious metal traded in a steady downward move since early-May and reached the lower limit of the trading range at the end of the previous week. However, in spite of a weakness in other precious metals yesterday, like for example gold, platinum has managed to bounce off the support zone at $1,125. Positive price reaction to the lower limit hints that trading range may be upheld and an upward move towards the upper limit may be on the cards now. On the other hand, if decline resumes and platinum breaks below $1,125 zone, the first target for sellers can be found near the $1,100 mark (upward trendline).
Source: xStation5
