Platinum surprised by the stability of the average – Analysis – 27-5-2016

Platinum price touched 980.00 level yesterday to test 38.2% Fibonacci correction level, surprised by the strength of the moving average 55, due to its stability around this support, we remind you that the price might confine within sideways level that represented by 2025.00 resistance and the current support level, to stay aside until surpassing the main levels.

Note that the continuation of the negative pressure and the price below the moving average 55 will open the way towards achieving new negative target by reaching 950.00, while the stability of the support will force the price to bounce to hit the resistance that located at 1025.00.

Expected trading range for today is between 1025.00 and 980.00

Expected trend for today: neutral.