Platinum Wave Analysis

Platinum (XPTUSD) has encountered notable selling pressure after reversing downwards from a major technical resistance confluence zone centered around the 1900.00 level. According to technical Elliott Wave analysis by FxPro, this critical ceiling coincides with the 61.8% Fibonacci retracement of the broader downward impulse move that began in May, as well as the upper boundary trendline of the daily ascending channel established in July. The downward rejection from the 1900.00 resistance region effectively terminated the preceding impulse wave C, concluding the intermediate ABC corrective pattern (2) that had been developing since July. As bullish momentum wanes beneath this key structural barrier, the precious metal is projected to experience further downside momentum in the near term. The primary technical target for the anticipated downward move is the 1700.00 support level, representing the minor swing low recorded at the start of the month.