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Platinum Price Bullish Trend Forecast Amidst Resistance at $1081.00

by Daisy

In the latest rally, the platinum price encountered a significant hurdle at the $1081.00 mark, impeding its progress into the bullish channel outlined on the chart. This resulted in a period of sideways fluctuation, with the metal hovering near the $1065.00 level.

Despite this, the presence of solid additional support at $1040.00 coupled with stochastic indicators showing signs of positive momentum indicate renewed pressure on the current resistance barrier. A potential breach of this barrier would bolster the likelihood of further upward movement, with potential targets set at $1105.00 and $1128.00 levels.

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The expected trading range is anticipated to be between the $1050.00 support level and the $1105.00 resistance level.

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In light of these factors, the trend forecast remains bullish for platinum. Investors are advised to closely monitor developments around the $1081.00 resistance level for potential breakout opportunities.

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