Daily Commodities Update: PlatinumIrit Rutenbergupdated Dec 12, 2011TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.By ForexMansion.comBy Jonah S. Ford Platinum futures followed the rest of the precious metals complex sharply lower in Monday’s session on renewed signs of global economic weakness. The slide in the metals was telegraphed early on when major support levels in gold, silver, platinum and palladium all triggered stop-loss orders with no buying interest materializing at the lower prices. Autochartist identified multiple key level breakdowns on most time frames. Platinum dropped to new lows near the $1,480 per ounce level to settle on a major technical support provided by the bottom of a Falling Wedge chart pattern. This pattern, illustrated here on the Autochartist 240-minute time frame, has seen several retests of support through the long term decline from $1,700 per ounce. As the price falls further from the resistance at the top of the wedge, the potential for a downside breakout from this formation increases. Renewed weakness in the precious metals as the week progresses would likely trigger a sell signal for platinum as this pattern fails. A drop below Monday’s low, especially if it occurs on high momentum, will execute a downside forecast as this downtrend accelerates. Watch for this pattern to develop on the Autochartist Emerging Patterns platform for price guidance as this move unfolds.About ForexMansion.com: The Finance Mansion Network operates a global financial network of websites including ForexMansion.com – All about Forex Trading. Our goal is to provide our readers with the highest quality, most accurate and timely technical analyses, fundamental analyses and news, assisting them to make the best possible financial decisions. More websites from the Finance Mansion Network: www.candlepattern.com, www.arithmeticmeanformula.com, www.intradaychart.net and www.buyingshareonline.com. Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.