Platinum is still trading sideways among the support at 1485.00 and the resistance at 1602.00, and after reaching the support for the range recently, the metal rushed to the upside targeting the resistance for this range supported by the bullish pattern seen. 
The neckline for the pattern was breached and turned into support currently descended towards 1531.00 and the metal is heading to retest this level affected by the negativity on momentum indicators seen over daily basis. This bullish pattern as well as trading above the 100 Days MA makes us favor the bullishness over intraday basis targeting 1602.00 which represents the neckline for a bigger bullish pattern which can carry the metal again to the upside wave which ended at the recorded top at 1752.50 for downside correction which settled so far for 23.6% correction. Therefore, we expect the bullishness to continue over short term basis targeting 1725.50 though we should note that breaching 1485.00 and stabilizing below it will extend the downside correction with targets around 1370.00.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com