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Platinum Price Analysis: Stability Maintained Below $983 Mark

by Daisy

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.

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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.

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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.

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