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Platinum Prices Encounter Firm Resistance Line

by Jennifer

Platinum prices have encountered a formidable obstacle in their upward trajectory, failing to sustain a bullish momentum. The market has witnessed a series of negative closures beneath the critical resistance level at 992.00. Consequently, this bearish development has led to a retracement towards the 960.00 level, where the Moving Average 55 (MA55) serves as an additional support, bolstering the case for bullish prospects.

Market analysts anticipate a phase of mixed sideways trading, with particular attention to the persistently negative momentum as indicated by stochastic indicators. This prevailing bearish sentiment may exert further downward pressure, possibly leading to a gradual descent towards the 50% Fibonacci correction level situated at 948.00. A breach of this level could extend the downside movement towards 923.00 and ultimately 990.00.

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Market participants should be prepared for potential price oscillations, with the anticipated trading range for the day spanning between 950.00 and 980.00.

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Projected Market Trend for Today: Sideways

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