The price of platinum has been influenced by conflicting major indicators, leading to a postponement of the positive rally. Currently, platinum has settled within a sideways track, oscillating between the $1015.00 support and the $1042.00 resistance levels, forming a temporary barrier against bullish attempts.
Recommended Strategy: Neutral Stance
Given the current sideways movement, we advise traders to adopt a neutral stance until the price exits this range by surpassing either the support or resistance levels. A breach of the resistance at $1042.00 could signal a bullish momentum, potentially pushing the price towards positive stations at $1072.00 and $1085.00. Conversely, breaking below the support at $1015.00 would confirm the formation of correctional bearish trades, with a target of $1000.00 followed by the 50% Fibonacci correction level at $984.00.
Expected Trading Range
The anticipated trading range remains between the support level of $1015.00 and the resistance level of $1042.00.
Trend Forecast: Neutral
Given the current market conditions and the lack of a clear directional bias, the trend forecast for platinum remains neutral. Traders are advised to exercise caution and await further price action to determine the next potential trend direction.
