PLATINUM FUTURES (PL1!), H1 Potential for Bearish DropType : Bearish Drop
Resistance : 924.7
Pivot: 901.4
Support : 874.9
Preferred Case: On the H1, price is moving below the ichimoku cloud which gives us a bearish bias that prices will drop to the pivot at 901.4 where the 78.6% fibonacci projection and swing low support are. Once there is downside confirmation that price has dropped to pivot , we would expect bearish momentum to carry prices to 1st support at 874.9 where the 61.8% fibonacci projection, 78.6% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price may rise to the 1st resistance level at 924.7 in line with the pullback resistance and 38.2% fibonacci retracement.
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on platinum .
