During yesterday's session we could observe increases in the prices of precious metals, which were partially caused by the weakening of the dollar. Let's take a look at the technical situation on the platinum market, where a bullish engulfing pattern appeared on the daily interval. Looking at the broader picture, the recent platinum sell-off has intensified after breaking below the major support at $ 1,130, which was marked with the lower limit of the 1:1 structure. In accordance with the Overbalance methodology, negating the structure may lead to a trend reversal. Nevertheless, it is worth noting that the downward move slowed down near the key support level at $ 1015, which is marked by the i 61.8% Fibonacci retracement and previous price reactions. If buyers manage to keep the price above this level, a move towards $ 1,130 is possible. On the other hand, a sharp negation of this support could open the way towards the $ 930 level.
Platinum D1 interval. Source: xStation5
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