“(…)Despite two attempts, the upper boundary of the June 18 bearish gap (1736-1792) continues to hold, which means the gap remains active.
Therefore, only a daily close above 1792 would open the door toward the 1824-1848 resistance zone and potentially even the psychological 1900 level.
In our opinion, as long as platinum remains above the upper boundary of the green ascending channel – which recently replaced the triangle formation – buyers continue to hold the technical advantage. (…)”
What would invalidate the bullish setup?
A daily close below 1726 would create two important bearish technical developments at once: an invalidation of the earlier breakout above the upper boundary of the green ascending channel and a breakdown below the orange consolidation.
If that happens, sellers would likely turn their attention toward 1655-1658, where the minimum downside target meets the previously broken upper boundary of the multi-week orange consolidation.
Platinum Takeaway
Watch 1726-1792 range. Daily close above 1792 opens the way toward 1824-1848 and potentially 1900. Daily close below 1726 invalidates the bullish setup and shifts attention toward 1655-1658. Until either boundary breaks, there is no confirmed trade outside the consolidation.
