The platinum price has demonstrated resilience below the $983 threshold, effectively serving as a formidable barrier against renewed bullish endeavors. Presently, the market exhibits a pattern of weak sideways fluctuations, with prices settling around the $980 mark.
Anticipated Outlook:
Given the prevailing conditions, the market is likely to remain within a sideways trajectory. This is characterized by the noted resistance at $983 and a support level at $950. Consequently, a neutral stance is advisable until one of these levels is breached.
Key Levels to Monitor:
The breach of the $983 barrier is anticipated to pave the way for a renewed bullish momentum, with an initial target set at $996. Conversely, a breakdown below the $950 support is expected to trigger substantial losses, potentially extending towards $918, followed by a test of the critical support zone at $905.
Expected Trading Range:
The projected trading range spans from the $965 support level to the $996 resistance mark.
Trend Forecast:
The current market sentiment points towards a neutral trend, as reflected by the ongoing sideways movements and the absence of a clear directional bias.
