Platinum targets the four-year downtrend at 1007 – Commerzbank

Platinum has eroded the three-month downtrend and attention reverts to the four-year downtrend at 1007, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs. 

Key quotes

“The market is finally starting to track higher and has now eroded the three-month downtrend. It is in six-week highs and attention is on the 990 and 1014 peaks. Above the market lies the 1007/46 resistance zone. This was the top of a four-year downtrend at 1007 plus the January and February highs can be spotted at 1023.84/1046.03 and this is expected to act as a tough barrier.”

“Longer-term, above 1046.03 will target the 1199.51 2016 high.” 

“We will maintain a positive view while above the 825.12 September low. Initial support is the 899.59 55-day ma.”