Platinum prices have encountered robust downward pressures of late, primarily attributed to the consolidation of the Moving Average 55 (MA55) near the initial barrier of $920.00. Coupled with stochastic consolidation within oversold areas, this has contributed to a challenging market environment. However, the recent resilience above the significant support level of $895.00 has mitigated the extent of negative effects, potentially paving the way for a bullish trajectory in the near and medium terms.
To reclaim a bullish bias, a resurgence of positive momentum is imperative, necessitating a breakthrough above the $920.00 level. This move would mark the initiation of targeting several key levels, including $938.00 and $950.00. Conversely, breaching the major support level may trigger a resumption of the decline, leading to significant losses, potentially commencing at $880.00.
Today’s anticipated trading range is projected to fluctuate between $895.00 and $920.00, offering insights into potential price movements.
Trend Forecast: Bullish
