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Platinum Price Analysis: Bearish Trend Signals Downward Pressure

by Daisy

Platinum prices faced multiple challenges in surpassing the $1042.00 level, ultimately closing with a clear failure. Negative momentum signaled by stochastic indicators underscored this setback, with the metal exhibiting continued fluctuation near the $1030.00 mark.

Analysts anticipate a potential decline towards the $1015.00 support level. Breaking through this critical level would solidify a downward trajectory, possibly leading to a move towards the next support zones at $984.00 and $948.00 in the near-term trading period.

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The expected trading range is forecasted between the $1040.00 support and the $1000.00 resistance levels.

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Overall, a bearish trend forecast prevails, indicating downward pressure on platinum prices in the coming trading sessions.

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