FX.co ★ Platinum still has the potential to continue its strengthening despite the possibility of a limited correction.

Platinum

With the condition of both EMAs still being Golden Crosses, even though they are overshadowed by Bearish Divergence from RSI(14), #PLF still seems strong enough to continue its strengthening.

Key Levels

1. Resistance. 2 : 2605.7

2. Resistance. 1 : 2529.3

3. Pivot : 2384.7

4. Support. 1 : 2308.3

5. Support. 2 : 2163.7

Tactical Scenario

Positive Reaction Zone: If Platinum breaks out above 2384.7, the price may move toward 2529.3.

Momentum Extension Bias: If 2529.3 is broken to the upside, there is potential for #PLF to reach 2605.7.

Invalidation Level / Bias Revision

The upside bias weakens if Platinum breaks and closes below 2163.7.

Technical Summary

EMA(50) : 2373.5

EMA(200): 2264.9

RSI(14) : 45.66

Economic News Release Agenda:

Tonight from the United States, the following important economic data will be released:

US - ADP Non-Farm Employment Change -20:15 WIB

US - ISM Services PMI - 22:00 WIB

US - JOLTS Job Openings - 22:00 WIB

US - Factory Orders m/m - 22:00 WIB

US - Crude Oil Inventories - 22:00 WIB